The process offered fast-track residency for foreign investors pumping at least £2 million into Britain
There are concerns that the UK government will scrap the scheme for golden visas, which offered investors fast-track residence.
According to the BBC, an official from the government confirmed Thursday that they will announce the Visa Scheme’s status next week. This is in response to fears of abuse.
Officially known as ‘Tier 1 investor visas,’ the scheme has provided foreign investors who pump at least £2 million ($2.76 million) into the UK, and their families, with permanent residency status, having been established to encourage wealthy individuals to finance projects in Britain.
Investors are required to invest the £2 million within five years or can shorten the process to three years by spending £5 million ($6.79 million) or to two if they give £10 million ($13.59 million). UK officials have been reviewing the process since then to ensure that there are no corruption risks.
The UK was previously attacked domestically for its existence and lax oversight of funds received. Lord Wallace (Liberal Democrat peer) stated in the House of Lords that the UK “is not being monitored”. “behaving like Cyprus and Malta by selling residency,” suggesting it undermines Britain’s status as a “great global country.”
Through the scheme, incredible wealthy individuals from many countries including Russia, Kazakhstan, and China have been granted residency.
A report published by the Intelligence and Security Committee of Parliament in 2020 on Russia claimed that Russia was a terrorist state. “more robust approach to the approval process for these visas”It is necessary to interrupt the “threat posed by illicit” funds.
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