Amid Russia-Ukraine conflict, UK to scrap ‘golden visa’ scheme

Posted on February 17, 2022, 1:26 pm
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The UK government is planning to abolish the visas offering foreign investors fast-track residency in the country amid the pressure to cut ties with Russia after its actions over Ukraine.

The announcement to scrap Tier 1 “investor visa”, often called a “golden visa” may come next week.

Meanwhile, Russia announced a new drawdown of military forces from the Moscow-annexed Crimean peninsula on February 17, continuing a troop withdrawal that was met with scepticism from Ukraine’s Western allies.

The Tier 1 investor visas are for those who show they have at least 2 million pounds to invest in the UK.

These visas offer residency to those investing 2 million pounds or more in the UK and allows their families to join them. These visa holders can then apply for permanent residency in the country, at a speed depending on how much they invest.

The scheme was introduced in 2008 in order to encourage wealthy people from outside the European Union (EU) to invest in the UK.

As per the scheme, a 2 million pound investment allows an application within five years, shortened to three years with 5 million pounds or two years if 10 million pounds is invested.

UK’s attempt to close the “golden visa” scheme comes as PM Johnson informed that a new set of sanctions were being prepared if Putin’s forces attacked Ukraine.

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