The British government has ended granting “golden” visas, which provide residency to foreign investors, amid security concerns and calls for the United Kingdom to review its relations with Russia.
Britain’s Home Office said on Thursday that “golden” Tier 1 visas allow “corrupt elites to enter the UK” and in some cases “raised security concerns”.
This visa, introduced in 2008, gave residence permits to people who had invested at least £2 million (about €2.4 million) in the UK and allowed families of investors to join them.
Investors can then apply for permanent residence in as little as two years, depending on the amount invested.
The government announced the closure of the system to all new candidates, of all nationalities, to become effective immediately.
Many of those who obtained these visas were Russians, and critics have long questioned whether the policy facilitates money laundering in the UK, because there are not enough background checks for investors.
Concerns about Moscow’s influence in the United Kingdom have intensified as the prospect of Russia’s invasion of Ukraine increases.
Home Secretary Priti Patel indicated that the move was part of the government’s crackdown on illegal funding.
“I want to make sure that the British people trust the system, including to stop the corrupt elites who threaten our national security and drive dirty money into our cities,” Patel said in a statement.
A 2018 report, published by parliament’s foreign affairs committee, warned that officials could risk national security by ignoring Russian “dirty money” in London.
Asked on Thursday about the “attack” on Russian money in Britain, Prime Minister Boris Johnson vowed to impose “severe sanctions” on Russia.
“It is clear that the time has come to impose some tough sanctions against the Russian regime, against major Russian companies, and organizations of strategic importance. And also to make sure that we stop raising money by Russian companies on the London Stock Exchange,” Johnson emphasized.
Westerners believe that Russia is preparing to invade the neighboring country, after massing thousands of military forces along the border.
Moscow denies this intention but has made several demands to resolve the crisis, including guarantees that Ukraine will not join NATO and an end to the alliance’s eastward expansion programme.
Today, the United States insisted that it sees no evidence of the announced withdrawal of Russian military units stationed near the border of Ukraine.
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