According to reports, the UK will scrap the gold visa fast-track scheme for foreign investors amid plans to address abuses. Anyone who is willing to invest $2.7 million in the UK’s economy can apply for residency. Reports claim that the Johnson government is planning to curb the influence of Russian money on the UK economy as its relations with Putin’s regime deteriorate.
According to reports, international investors, including Russians, have taken advantage of the visa scheme to resettle in the UK. It has been under review since 2018 after the UK claimed that Russia was behind the poisoning of former Russian agent Sergei Skripal. For the scheme to be available, the UK government introduced checks, including an order for proof of a UK bank account to be shown.
It is reported that the UK government is now concerned about money laundering claims and is set to scrap the plan. The Intelligence and Security Committee of Parliament recommended ‘a robust approach’ to approve the Tier 1 (investor) visa program in a report called ‘Intelligence and Security Committee of Parliament – Russia’. The report highlighted the UK’s investor visa scheme as allowing Russian influence in the UK, noting that ‘there are a number of Russians with very close ties to Putin who are well integrated into UK business and are accepted because of their wealth’.
The report says that Russia currently threatens the UK on a number of fronts – from espionage to interference in democratic processes and to serious crime. The report stated that the ‘Russian threat’ has been highlighted by events since 2006, including the assassination of Alexander Litvinenko and the annexation of Crimea. Attempts by the UK to close the ‘golden visa’ scheme coincide with Johnson’s announcement that new sanctions will be prepared if Putin’s forces attack Ukraine. The investor scheme has been in operation since 2008, and over 14,000 Russian citizens have received golden visas.
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