Britain's government said Thursday it is scrapping so-called golden
visas offering residency to wealthy foreign investors amid security
concerns and renewed calls for the UK to review its links with Russia.
The Home Office said the Tier 1 investor visa route has given
opportunities for corrupt elites to access the UK. It said that in some
cases, the visas have given rise to security concerns, including people
acquiring their wealth illegitimately and being associated with wider
corruption.
The visa route, which was introduced in 2008, offered residency to
people investing 2 million pounds ($2.7 million) or more in the UK and
allows their families to join them. It will be shut to all new
applicants from all nationalities with immediate effect, the government
said.
Many of those who acquired such visas were Russians, and critics have
long questioned whether the policy facilitated money laundering in the
UK. Concerns about Moscow's reach in the UK have intensified as the
threat of a Russian invasion of Ukraine looms.
Home Secretary Priti Patel said the move was part of the government's crackdown on illicit finance.
"I want to ensure the British people have confidence in the system,
including stopping corrupt elites who threaten our national security and
push dirty money around our cities," Patel said in a statement.
Asked Thursday about cracking down on Russian money in the UK, Prime
Minister Boris Johnson pledged to bring in tough sanctions against
Russia.
"Clearly, it's time to bring in some tough sanctions against the Russian
regime, against big Russian companies and organisations of strategic
importance. And also making sure that we stop the raising of funds by
Russian companies on London financial markets," Johnson said. (PTI)
