UK halts ‘golden visa’ over corruption fears
LONDON: A “golden visa” that allows Indian and other foreign investors to migrate to the UK with at least £2 million is being halted from Friday over concerns related to money-laundering and organized crime, officials in London said on Thursday.
Launched in 2008, more than 1,000 tier-I (investors visa) had been granted till September 2018, mostly to Russian and Chinese investors, but they also included 76 Indian millionaires (and their 100 dependents) until 2017.
The initial investment thresholds were £1 million, £5 million or £10 million, which led to permanent residence in five, three or two years respectively, and eventual citizenship. The first threshold was raised to £2 million in 2014, while the other two remained the same.
The decision to halt the visa followed a review launched in May of applications since 2015, when the rules were tightened in the wake of concerns over foreign “dirty money”, enabling officials to seek information on the source of funds.
Immigration minister Caroline Nokes said: “The UK will always be open to legitimate and genuine investors who are committed to helping our economy and businesses grow. “However, I have been clear that we will not tolerate people who do not play by the rules and seek to abuse the system. “That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support UK businesses, can benefit from our immigration system.”
Earlier this year, Chelsea owner Roman Abramovich faced delays due to new checks when his tier-I (investors visa) came up for renewal, prompting renewed accusations between London and Kremlin. Campaign group Transparency International had previously expressed concerns about the possibility of money being laundered through the visa route.