Support The Moscow Times!

Britain to Scrap ‘Golden Visa’ Scheme Over Russian Ties – Reports

A 2020 parliamentary report on Russian influence in the United Kingdom warned that the visa program had allowed London to become a “laundromat” for offshore wealth. Heidi Fin / unsplash

The United Kingdom plans to scrap its fast-track investment visa program next week over pressure to cut ties to Russia, British media reported Thursday.

Britain was due to suspend the visa scheme in 2018 but failed to do so, sparking criticism from anti-corruption campaigners. A 2020 parliamentary report on Russian influence in the United Kingdom warned that the visa program had allowed London to become a “laundromat” for offshore wealth.

Home Secretary Priti Patel plans to abolish the Tier 1 investor visa program next week because of “long-standing concerns” with criminal groups and super-rich foreigners abusing the scheme, The Times reported.

The move is linked to the threat of Russia invading Ukraine over its security standoff with the United States and NATO.

The Financial Times reported that the plans to scrap the top tier visa program would be carried out “within weeks.”

Tier 1 investor visas have encouraged wealthy non-European Union residents to invest at least 2 million pounds ($2.7 million) in the UK in exchange for permanent residency within five years. Investments of 5 million pounds ($6.7 million) shortened the permanent residency application to three years, and 10 million pounds ($13.5 million) to two years.

We reformed the Tier 1 visa route in 2015 and in 2019 to crack down on dirty money and we have not ruled out making further changes,” the FT quoted the Home Office as saying.

At least 14,516 Russian citizens have been granted so-called “golden visas” since the program launched in 2008, according to the BBC. 

The Home Office promised to publish a review of “all” investor visas granted before the reforms by April.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

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.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more