UK 'Golden Visa' scheme is to be suspended due to corruption fears
The fast-track Tier 1 investor program has been suspended by the home office, according to BBC news and other leading UK press as announced today, until new restrictions are in place as a result of a crackdown by the UK government on money laundering.
The UK Home Office has suspended the fast-track Tier 1 Program until new restrictions are in place as a result of government review of the visa as part of a crackdown on money laundering in the UK.
There has been criticism of Tier 1 visas providing an easy route for the super-rich into the UK. There was a 46% increase in the number of of applicants to the Tier 1 Investor Visa scheme, over 400 of these applicants were from non native investors. The crackdown on money laundering will result in much tighter restrictions for the world's super-rich.
Immigration Minister, Caroline Nokes mentioned: “The UK will always be open to legitimate and genuine investors who are committed to helping our economy and businesses grow. However, I have been clear that we will not tolerate people who do not play by the rules and seek to abuse the system. That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support UK businesses, can benefit from our immigration system.”
The Tier 1 Visa will be suspended until new rules are put in place in 2019.
Under the reformed visa, applicants will be required to provide comprehensive audits of their financial and business interests and prove that they have had control of the £2m investment funds for at least 2 years. The investment options will no longer allow allow investment in government bonds but must invest in active and trading companies.
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For further information on UK Tier 1 Investor Visas or EU and Caribbean citizenship, or to discuss your personal requirements and circumstances in a private consultation, please contact Astons at [email protected] or call +44 207 292 2977.