The UK authorities will suspend so-called gold-plated investor visas for foreign oligarchs and other wealthy individuals starting on Friday as part of a crackdown on organized crime and money laundering, media reported on Thursday.
MOSCOW (Pakistan Point News / Sputnik - 06th December, 2018) The UK authorities will suspend so-called gold-plated investor visas for foreign oligarchs and other wealthy individuals starting on Friday as part of a crackdown on organized crime and money laundering, media reported on Thursday.
According to The Times newspaper, these "Tier 1" investor visas allow extremely wealthy people, who are ready to invest millions of Pounds into the United Kingdom, to fast-track their move to the country.
According to the system, these oligarchs can invest 2, 5 or 10 million pounds ($2.5 million, $6.3 million or $12.7 million) in gilts, government bonds or UK businesses, and then receive the opportunity to get residence in five, three or two years, respectively. It would then be possible to apply for UK citizenship.
However, there are many critics of this system who believe that it has already resulted in large amounts of wealth being stolen in Russia or China and laundered in the United Kingdom, the publication 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 only genuine investors, who intend to support UK businesses, can benefit from our immigration system," Immigration Minister Caroline Nokes said as quoted by the media outlet.
From the start of the year until October, 361 applicants received investor visas and another 586 visas were issued for their family members, the newspaper said, citing figures from the Home Office. About 3,000 investor visas have been issued over the past 10 years, with about 60 percent of them granted to oligarchs from China and Russia, the media outlet said.
Those applications for investor visas that have already been submitted will not have any obstacles, according to the publication.
Review of the "Tier 1" visas was announced in late March when the relations between Russian and the United Kingdom took a downward turn over the poisoning of former Russian spy Sergei Skripal, which London blamed on Moscow without providing any proof.
