UK scraps “golden visa” for illicit finance and fraud

Uk-(Berberanews)-The home secretary stated that visas granting foreign investors fast-track residency in the UK will be revoked with immediate effect.

Ending Tier 1 investor visas for individuals spending at least £2 million, according to Priti Patel, is the start of a “renewed fight on illicit money and fraud.”

The scheme was established in 2008 to encourage rich individuals from outside the European Union to invest in the United Kingdom.

It has been under scrutiny for some time due to worries that it is vulnerable to abuse.

The Tier 1 (investment) visa, also known as the “golden visa,” grants residency to anyone who spend £2 million or more in the United Kingdom, as well as allowing their family to join them.

Holders of these visas can subsequently seek for permanent residency in the United Kingdom, which takes longer depending on how much money they invest.

With a £2 million investment, an application can be submitted in five years, three years with $5 million, and two years with $10 million.

However, the government has announced that the path to residency will be stopped with immediate effect, claiming that it “failed to deliver for the UK people and provided chances for corrupt elites to access the UK.”
“I have zero tolerance for abuse of our immigration system,” Ms Patel stated. I want to ensure that the British people have faith in the system under my new immigration strategy, which includes preventing unscrupulous elites from endangering our national security and smuggling dirty money around our cities.