The U.K. is suspending its top tier of investor visas, closing a route to permanent residence and British citizenship that’s proved popular with the wealthy, including Russian oligarchs.
The Tier 1 Investor visa program will be suspended from midnight on Friday ahead of reforms designed to tackle money laundering and organized crime, according to a Home Office statement. They require applicants to provide audits of their financial and business interests and exclude government bonds as a qualifying investment. The suspension will lift once the changes, due in 2019, have been put in place.
The visa has been available to those with access to at least 2 million pounds ($2.5 million) to invest in the U.K. It’s open to those from outside the European Economic Area and Switzerland. Such government-backed immigration schemes aren’t uncommon. The U.S. has an immigration program, known as the EB-5 visa, that lets immigrants who create jobs in the U.S. stay permanently.
The move could hamper people worldwide, but Russian oligarchs may be most affected by the change. The U.K. has long been a particularly appealing jurisdiction for ultra-rich Russians as a safe and stable place to do business, hold their wealth and educate their children. But the suspension is the latest sign that such appeal may be fading as the government cracks down after the poisoning of a Russian ex-spy on British soil.
“We will not tolerate people who do not play by the rules and seek to abuse the system,” Immigration Minister Caroline Nokes said in the statement. The new measures “will make sure that only genuine investors, who intend to support U.K. businesses, can benefit from our immigration system.”
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
