The UK Home
Office has announced changes to the Golden Visa Program for affluent overseas
investors. This is even as the UK
targets filthy cash in the backdrop of the Skripal attack.
As per the new
laws, applicants of Golden Visa under the Investor scheme will have to prove the control of funds from 2 years.
This is for the 2 million pounds investment and earlier it was just 90 days.
Alternatively, they have to offer proof of the source of the funds.
The Tier 1
Investor program has attracted several affluent
Russian and Chinese investors in the past. These have also settled in the
UK.
However, the UK
is now cracking down on money laundering
attempts. The program has been under review after the UK’s ties with Russia
worsened. This is after Sergei Skripal a
former Russian agent was poisoned last year in Salisbury.
Roman Abramovich Russian
oligarch and owner of Chelsea football club withdrew his application for Golden Visa earlier this year. This is
after the ties between the two nations were affected negatively after the
Salisbury poisoning of the spy. Roman Abramovich is also a friend of the
President of Russia Vladimir Putin.
Abramovich was
also refused the Residency by Switzerland. This was after the officials were cautioned by the police of risk to public
security. It also would threaten the reputation of the nation, added the
police, as quoted by the International Investment.
The numbers of
Tier 1 Visas offered to Russians declined to 29 in 2018 from 46 in 2017. This
is the lowest figure after the Visas were launched in 20108.
The revised Golden Visa rules will be effective from
March 29, 2019. The efforts for crackdown over
these Visas follow an awkward fiasco in 2018. The UK had announced the
suspension of the Visas but was forced to backtrack after a few days.
The UK Home
Office has also declared 2 new Visa pathways. These are the Innovator Visa and
Start-up Visa that will also become effective from 29 March 2019.
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If you are
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