Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system.
The scheme allows residency to anyone who is ready to invest $2.7 million in UK’s economy. The Johnson government is reportedly looking at curbing the influence of Russian money in the UK economy amid deterioration of ties with Putin’s regime over Ukraine.
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Several international investors including Russians have reportedly taken advantage of the visa scheme to resettle in the UK. It has been under review since 2018 after the UK claimed Russian hand behind the poisoning of former Russian agent Sergei Skripal in Salisbury. The UK government had introduced checks including issuing orders for proof to be shown of a UK bank account in order to avail the scheme
Now the UK government is reportedly concerned over money laundering claims with the plan set to be scrapped soon. In a report titled “Intelligence and Security Committee of Parliament – Russia” a committee had recommended “robust approach” to approve the Tier 1 (investor) visa programme.
The report said UK’s investor visa scheme allowed Russian influence in the UK while informing that “there are a lot of Russians with very close links to Putin who are well integrated into the UK business and are accepted because of their wealth.”
“It is clear that Russia currently poses a significant threat to the UK on a number of fronts – from espionage to interference in democratic processes, and to serious crime,” the report said.
The report maintained that the “Russian threat” was “clearly indicated in 2006 with the murder of Alexander Litvinenko and with the annexation of Crimea in 2014.”
UK’s attempt to close the “golden visa” scheme comes as PM Johnson informed that a new set of sanctions were being prepared if Putin’s forces attacked Ukraine. The investor scheme is in operation since 2008 with over 14,000 golden visas provided to Russian citizens.
(With inputs from Agencies)
