he UK has scrapped the ‘golden visa’ scheme for wealthy foreign investors, Home Secretary Priti Patel announced on Thursday.
The Tier 1 investor visas have allowed residency for those investing £2 million or more in the UK and their families.
The visas have raised security concerns in some cases, allowing in people who have acquired their wealth illegitimately.
The route will be shut to all new applicants from all nationalities with “immediate effect”, the Home Office said, adding that some cases had “given rise to security concerns, including people acquiring their wealth illegitimately and being associated with wider corruption”.
Ms Patel said: “I have zero tolerance for abuse of our immigration system. Under my new plan for immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities.
“Closing this route is just the start of our renewed crackdown on fraud and illicit finance. We will be publishing a fraud action plan, while the forthcoming Economic Crime Bill will crackdown on people abusing our financial institutions and better protect the taxpayer.”