UK ‘Golden Visas' Axed Amid Fraud And Security Concerns
The Guardian|February 18, 2022
The “golden visa” system that allows wealthy foreign investors a fast track to live in the UK has been axed amid concern about applicants acquiring their wealth illegally and the growing strain on diplomatic relations with Russia.
Aubrey Allegretti
UK ‘Golden Visas' Axed Amid Fraud And Security Concerns

The home secretary, Priti Patel, announced that the scheme would end with immediate effect to help to stop “corrupt elites who threaten our national security and push dirty money around our cities”.

Launched in 2008, the “tier 1 investor visa” programme allowed people with at least £2m in investment funds and a UK bank account to apply for residency rights, along with their family. How much money they planned to invest affected how long it took to get indefinite leave to remain: £2m took five years, while £10m shortened the wait to just two.

The scheme had been under review for some time, and opponents were planning an amendment to the nationality and borders bill in the House of Lords, due to be debated later this month.

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