Beautiful Virgin Islands

Tuesday, Mar 21, 2023

Ukraine crisis: Golden visa used by Russian oligarchs to live in Britain scrapped over corruption fears

Ukraine crisis: Golden visa used by Russian oligarchs to live in Britain scrapped over corruption fears

Oligarchs have had the world as their oyster, armed forces minister says, but if Putin continues to threaten the West they will find it "extraordinarily hard" to enjoy the trappings that come with it.

The golden visa scheme used by bmany Russian oligarchs to live in the UK is now closed to all new applicants, the Home Office has announced.

Home Secretary Priti Patel said she made the decision to close it "immediately" on Thursday afternoon "following our review of all those granted" the Tier 1 investor visa.

The scheme allows foreigners who invest at least £2m in the UK to get a visa quickly, which leads to being offered residency.

Ms Patel said: "It has been under constant review and some cases had given rise to security concerns, including people acquiring their wealth illegitimately and being associated with wider corruption.

"While work has been done to reform the route in order to prevent abuse, the Home Office has acted to close it today

"This is just the start of our renewed crackdown on fraud and illicit finance."

Prime Minister Boris Johnson said earlier this week that he was working on deterring Vladimir Putin's allies from benefitting from the UK economy as Russia masses troops on Ukraine's border.

The Home Office said it would be "making reforms" to the Innovator route, part of the incoming points-based immigration system, which it said will "provide an ambitious investment route which works more effectively in support of the UK's economy".

A government source earlier told Sky News the visa scheme was to be shut down this week over "security concerns".

Russia says some troops are going back to their bases but the West says more soldiers are being brought to the border.


What was the golden visa?


The Tier 1 investor visa was nicknamed the "golden visa" because it allows the extremely wealthy to get a visa for them and their family quickly and they are then free to work and study in the UK - or do neither.

Unlike other visa categories, there was no minimum amount of time visa holders had to spend in the UK to preserve their status, though it did lapse after a two-year absence.

It could also be extended indefinitely, provided the investment was maintained, and provided a direct route to UK permanent residency.

Most golden visa holders are from Russia and China.

A significant number of Russian oligarchs have bought homes in London - nicknamed Moscow-on-Thames by some - with many known to have permanent residency.

Many more Russian businesspeople have become oligarchs under Mr Putin than previous leaders, with the president allowing them to maintain their powers in exchange for explicit support for him.

The golden visa was set up in 1994 and re-launched in 2008 in its latest guise. In 2015 and 2019 requirements were tightened after it was found the scheme was at risk of being used for money laundering.

'Halting golden visa means stopping talent'


Several immigration lawyers said stopping the golden visa altogether was not the right choice because it would prevent "top-tier talent and investment" from coming to the UK.

Kelly Whiter, immigration law partner at Fladgate, said that instead of scrapping the visa, the Home Office should review the criteria and close off any weaknesses in the system while ensuring the rules are "strictly enforced".

"There is currently a lack of viable alternatives for these individuals, so the withdrawal of the Tier 1 Investor route, where many European countries are competing to attract such talent and investment, is likely to impact the UK's attractiveness moving forward significantly," she said.

Antonia Torr, partner and head of immigration services at Howard Kennedy, said closing the scheme has "all the hallmarks of a political move" because the Home Office changed the rules in 2019 so investors have to prove the source of their wealth as part of the application.


She added: "It is also noteworthy that the past few years have seen a decline in the number of Russians applying for this visa and so really it will be other nationalities who will be impacted by this decision.

"As a move to place pressure on Russia, this may not have the impact that the Secretary of State anticipates."

Labour's shadow home secretary Yvette Cooper said: "It has taken international condemnation of our failures to stamp out Russian dirty money for the home secretary to act. But this must go further with a plan to stop illicit finance coming into the UK.

"While this is welcome, we need the full review published and an overall plan to stop illicit finance coming into the UK."

More Russian troops amassing at Ukrainian border


On Thursday morning, Armed Forces Minister James Heappey told Sky News that Russia was placing more troops on its border with Ukraine, despite Moscow claiming they were pulling back.

As the UK, with NATO allies, tries to prevent an invasion, Mr Heappey said the UK was "entering into a new period of Russian relations... a new period of sustained competition between the West and Russia that probably will last for a generation or more".

As a result, he said parliament is bringing forward measures to "strengthen our ability to sanction Russian oligarchs and deny them financial gain in the UK".

Mr Heappey added: "The message to Moscow is that the price to Russia as a country, in terms of state-on-state sanctions but it's a reflection of Russian politics that this may matter more.

"The cost to the elite around President Putin and those oligarchs that own all of these vast companies and have had the world as their oyster for so long.

"If President Putin continues on the course of action that he's on then the UK will not be alone in making it extraordinarily hard for those individuals to enjoy the trappings of their wealth in the West."

Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
I have a dream, MLK inspiring speech
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Aretha Franklin, Marvis Staples - Oh Happy Day
Paris Rioting vs Macron anti democratic law
BVI Freedom Song
'Sexual Fantasy' Assignment At US School Outrages Parents
Billy Preston - You Can't Beat God Giving (Live)
Credit Suisse to borrow $54 billion from Swiss central bank
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Russian Hackers Preparing New Cyber Assault Against Ukraine
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
If this was in Tehran, Moscow or Hong Kong
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Nashville police officer, and a female driver shooting one another
Hello Dolly
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Mexican President Claims Mexico is Safer than the U.S.
Bob Marley - Get Up Stand Up
A brief banking situation report
Yes He Can
Lady bites police officer and gets instantly reaction
What A Friend We Have In Jesus
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Unforgettable
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Touch The Hem Of His Garment
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
The Lord's Prayer
Silicon Valley Bank exec was Lehman Brothers CFO
THE GOD MOVEMENT...BEAUTIFUL BVI
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Siyahamba
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Ramblin' Rose
Elon Musk Is Planning To Build A Town In Texas For His Employees
Protoje - Who Knows ft. Chronixx
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Pressure - Virgin Islands Nice
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Phil Wickham - House Of The Lord
Fitness scam
My God Is Real (Yes, God Is Real)
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
Louis Armstrong - When The Saints Go Marching In
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Kanye West Sunday Service - hallelujah, salvation, and glory
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Jonathan Nelson - I Believe (Island Medley
Banking regulators close SVB, the largest bank failure since the financial crisis
From The Virgin Islands Sqad Up
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Common, John Legend - Glory
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
I have a dream, MLK inspiring speech
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Aretha Franklin, Marvis Staples - Oh Happy Day
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
BVI Freedom Song
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
Billy Preston - You Can't Beat God Giving (Live)
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Spain officials quit over trains that were too wide for tunnels...
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello Dolly
Hello. Here is our news digest from London.
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Bob Marley - Get Up Stand Up
×