The Home Secretary, Priti Patel said ending the Tier 1 investor visas was part of a crackdown on “fraud and illicit finance “.
The scheme was first introduced in 2008 to encourage wealthy people to invest in the UK. It has been in review for a while, after concerns it was open to abuse.
The announcement follows pressure on ministers to cut ties to Russia over the invasion of Ukraine.
The move has been brought forward, as part of a “new plan for immigration”.
Investor visas halted over money laundering
The Tier 1 (investor) visa offered residency to those investing £2m or more, and allowed their families to join them. Holders could apply for permanent residency in the UK, with the more they invest, the shorter the wait.
Changes to scheme
The Home Office has issued a total of 2,581 investor visas to Russians since the scheme was first introduced in 2008.
Several changes were made since the investor launch of the scheme, including additional checks on how and when the applicants came by their wealth.
Banks were also required to complete checks before opening accounts for visa applicants – who were also required to submit paperwork if their qualifying funds were invested through a chain of companies.
In 2020, the Parliamentary intelligence and security committee argued that a “more robust” approach to approving Tier 1 visas” was needed in a report on Russian influence in the United Kingdom.
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