The so-called “golden visas” offering fast-track residency in the UK for wealthy foreign investors are expected to be scrapped by the British government amid concerns over links between Russia and the UK and against the backdrop of mounting tensions, the BBC is reporting.
A government source confirmed reports of an announcement due next week on tier 1 investor visas, which offer residency to those spending at least £2m, the broadcaster says.
The scheme, introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK, has been under review for some time, after concerns it is open to abuse.
Labour former minister Chris Bryant previously called for a full review of the scheme and accused the government of “giving out golden visas to dodgy Russian oligarchs” and said the system is used as a “backdoor loophole” to funnel dirty money into the UK.
The expected announcement to scrap the visa comes amid pressure on ministers to cut UK ties to Russia over the threat of invasion to Ukraine.
Photo – A picture taken with a long exposure shows the Millennium bridge at night against St Paul’s Cathedral in London, Britain. EPA-EFE/FACUNDO ARRIZABALAGA
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