London is preparing to cancel its regime of so-called "golden visas" as Russia's actions against Ukraine have renewed calls to fight "dirty money" flowing into the UK.
This was reported by the Financial Times.
The Tier 1 investor visa has in the past attracted wealthy Russian and other international investors who relocated to the U.K. under the scheme.
The visa policy began to be reviewed after Britain's relationship with Russia deteriorated after the poisoning of former Russian agent Sergei Skripal in Salisbury in 2018.
In 2015, investor visa rules were strengthened, requiring people to show they have at least £2 million to invest in the UK and introducing checks on how applicants got their money. From 2019, applicants must also have proof of a bank account in the U.K.
The publication's interlocutors in the inner circle of Home Secretary Priti Patel said she was seeking to repeal the entire regime because of concerns that the system could be used by those laundering illicit funds. Government officials confirmed that plans are underway to abolish the visas within weeks.
In 2020, the Parliamentary Intelligence and Security Committee warned that the use of the UK investor visa scheme was attractive to many Russians.
In the 12 months to September 2021, the government issued 798 investor visas, 82 of which were issued to Russians. During the same period, 210 visas were issued to Chinese nationals.
In 2018, former Home Secretary Amber Rudd asked officials to review the grounds on which more than 700 wealthy Russians were allowed to settle in Britain under the scheme. After years of delay, the government pledged to release its findings by April.
