The wealthy all over the world who wish to live and invest in the UK will be subjected to new visa restrictions as will be introduced by the Home Office as part of its reform agenda to fight organized crime and money laundering.
The UK’s Tier 1 Visa, which has been providing opportunities for people who want to invest in the UK, will be suspended by Friday, pending the introduction of new rules come 2019.
With the new visa, applicants for this golden visa will be required to submit detailed audits of all their financial and business concerns. These audits must reveal that the applicant has not just access but control of the £2m minimum investment amount which is a requirement to acquire the visa for not less than 2 years. With the new reform coming, applicants will no longer be allowed to invest in government bonds but must invest in active and trading UK companies.
The Tier 1 Visa which is also referred to as “Golden Visas,” has received a lot of criticism as a visa program that has created an easy route for oligarchs and the very wealthy who launder money to come into the UK. In July, the number of applications for the tier 1 visa showed a 46% boost. These applications had about 400 of them coming from wealthy foreign investors.
Caroline Nokes, UK’s Immigration Minister, said the UK will always be open to investors who have legitimate and genuine intentions to help the economy of the UK and help businesses there to grow. The UK, however, will not tolerate those who are not willing to keep to the rules and who work to abuse the system.
As of September 2018, there were more than 1000 applicants who were successful with their applications for the visa.
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