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LONDON: The much-coveted golden visa to Britain which rich Indians have used to purchase residency and citizenship is to be axed over nationwide safety issues, dwelling secretary Priti Patel introduced Thursday.
The Tier 1 investor visa route can be closed to new candidates from all nations instantly amid fears that millionaires from corrupt nations are laundering illicit cash by London. Belongings and millionaires linked to President Putin based mostly within the UK have come underneath nice scrutiny within the wake of the Ukraine disaster.
The route had allowed residency within the UK if an applicant invested at the very least £2 million (Rs 20 crore) funds in share capital or mortgage capital in lively buying and selling UK registered firms.
The Dwelling Workplace mentioned: “It has been underneath fixed assessment and a few instances had given rise to safety issues, together with folks buying their wealth illegitimately and being related to wider corruption. Whereas work has been finished to reform the route so as to stop abuse, the Dwelling Workplace has acted to shut it.”
Patel mentioned, “I need to make sure the British folks believe within the system, together with stopping corrupt elites who threaten our nationwide safety and push soiled cash round our cities. Closing this route is simply the beginning of our renewed crackdown on fraud and illicit finance.”
To nonetheless entice overseas buyers to Britain, the UK authorities plans to make reforms to the innovator visa route.
“Settlement will now be conditional on candidates executing an funding technique that may present real job creation and different tangible financial impacts, passively holding UK investments will now not be sufficient to acquire settlement,” the house workplace mentioned.
A complete of 274 investor visas have been granted to Indians since 2009. In 2021 as much as September, 21 Indians had been issued golden visas. In 2020, 22 Indians acquired the visas. Apart from, 55 Russians acquired the investor visa in the identical interval in 2021 in comparison with 141 Chinese language.
The Tier 1 investor visa route can be closed to new candidates from all nations instantly amid fears that millionaires from corrupt nations are laundering illicit cash by London. Belongings and millionaires linked to President Putin based mostly within the UK have come underneath nice scrutiny within the wake of the Ukraine disaster.
The route had allowed residency within the UK if an applicant invested at the very least £2 million (Rs 20 crore) funds in share capital or mortgage capital in lively buying and selling UK registered firms.
The Dwelling Workplace mentioned: “It has been underneath fixed assessment and a few instances had given rise to safety issues, together with folks buying their wealth illegitimately and being related to wider corruption. Whereas work has been finished to reform the route so as to stop abuse, the Dwelling Workplace has acted to shut it.”
Patel mentioned, “I need to make sure the British folks believe within the system, together with stopping corrupt elites who threaten our nationwide safety and push soiled cash round our cities. Closing this route is simply the beginning of our renewed crackdown on fraud and illicit finance.”
To nonetheless entice overseas buyers to Britain, the UK authorities plans to make reforms to the innovator visa route.
“Settlement will now be conditional on candidates executing an funding technique that may present real job creation and different tangible financial impacts, passively holding UK investments will now not be sufficient to acquire settlement,” the house workplace mentioned.
A complete of 274 investor visas have been granted to Indians since 2009. In 2021 as much as September, 21 Indians had been issued golden visas. In 2020, 22 Indians acquired the visas. Apart from, 55 Russians acquired the investor visa in the identical interval in 2021 in comparison with 141 Chinese language.
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