The UK to abolish gold visa system for foreign investors
Written byTimes Magazine
Visas that allow foreign investors to stay in the UK are quickly expected to be scrapped by the government amid pressure on Britain's relations with Russia.
A Government source confirmed reports of a statement next week on Tier 1 investor visas, granting residency to those spending at least £2m. The scheme was launched in 2008 to encourage wealthy people outside the EU to invest in the UK.
But the announcement expected next week comes amid pressure on the minister to sever Britain's ties with Russia over the threat of an invasion of Ukraine. Russia has amassed more than 100,000 troops along its border with Ukraine but denies planning an invasion.
The Level 1 (Investor) Visa, often referred to as the 'Gold Visa,' offers those who invest £2 million or more the right to stay in the UK and allow their family to join them.
Holders of this visa can then use for permanent residency in the UK at a rate that depends on their investment.
With an investment of £2 million, you can apply in five years reduced to three years for £5 million or two years if £10 million is invested.
The Home Office said it had reformed the system to ensure it would not facilitate corruption and did not rule out further changes. A spokeswoman added that she would report "promptly" on the ongoing review of visas issued before program changes in 2015.
The Interior Ministry has issued 14,516 investor visas to Russian citizens since the program began in 2008. Banks are also required to carry out certain checks before opening accounts for applicants - who are also required to provide additional documentation if their qualifying funds are invested through a different chain of entities.
In 2020, the Parliamentary Intelligence also Security Committee called for a "more stable" approach to first-class visa approvals as part of a report on Russia's influence in the UK.
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