Portugal's 'Golden visa' is facing a threat of being scraped. Prime Minister Antonio Costa says the scheme has "fulfilled its role". @MollyGambhir tells you more

Gravitas: Portugal likely to scrap 'Golden Visa' scheme

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment.

According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin.

BBC reported that the announcement was expected as pressure was growing on UK ministers to cut ties with Russia over the threat of invasion of Ukraine.

The “golden visa” scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

The Tier 1 (investor) visa offered residency to those investing £2m or more in the UK.&nbsp;It also allowed&nbsp;their families to join them.

Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest.

But the UK government decided to close down the residency scheme saying that it “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”.

“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,” British Home Secretary Priti Patel said on Thursday.

“Closing this route is just the start of our renewed crackdown on fraud and illicit finance,” she added.

Patel said it was just the start of their government’s action plan against fraud, and that an Economic Crime Bill is in the offing that “will crack down on people abusing our financial institutions and better protect the taxpayer.”

(With inputs from agencies)

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment. According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin.

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment. According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin. BBC reported that the announcement was expected as pressure was growing on UK ministers to cut ties with Russia over the threat of invasion of Ukraine. The “golden visa” scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK. The Tier 1 (investor) visa offered residency to those investing £2m or more in the UK. It also allowed their families to join them. Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest. But the UK government decided to close down the residency scheme saying that it “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”. “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,” British Home Secretary Priti Patel said on Thursday. “Closing this route is just the start of our renewed crackdown on fraud and illicit finance,” she added. Patel said it was just the start of their government’s action plan against fraud, and that an Economic Crime Bill is in the offing that “will crack down on people abusing our financial institutions and better protect the taxpayer.” (With inputs from agencies)

UK scraps ‘golden visas’ for ultra-rich foreign investors amid crack down on Russian money

Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system.

The scheme allows&nbsp;residency to anyone who is ready to invest&nbsp;$2.7 million in&nbsp;UK's economy. The Johnson government is reportedly looking at curbing the influence of Russian money in the UK economy amid deterioration of ties with Putin's regime over Ukraine.

<a href="https://www.wionews.com/world/thousands-of-hong-kong-citizens-sign-up-for-new-uk-visa-364545">Also Read:&nbsp;Thousands of Hong Kong citizens sign up for new UK visa</a>

Several international investors including Russians have reportedly taken advantage of the visa scheme to resettle in the UK. It has been under review since 2018 after the UK claimed Russian hand behind the poisoning of former Russian agent Sergei Skripal in Salisbury. The UK government had introduced checks including issuing orders for proof to be shown of a UK bank account in order to avail the scheme

Now the UK government is reportedly concerned over money laundering claims with the plan set to be scrapped soon. In a report&nbsp;titled "Intelligence and Security Committee of Parliament - Russia"&nbsp;a&nbsp;committee had recommended "robust approach" to approve the Tier 1 (investor) visa programme.

The report said UK’s investor visa scheme allowed Russian influence in the UK while informing that "there are a lot of Russians with very close links to Putin who are well integrated into the UK business and are&nbsp;accepted because of their wealth."

"It is clear that Russia currently poses a significant threat to the UK on a number of fronts – from espionage to interference in democratic processes, and to serious crime," the report said.

The report maintained that the "Russian threat" was "clearly indicated in 2006 with the murder of Alexander Litvinenko and with the annexation of Crimea in 2014."

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. The investor scheme is in operation since 2008 with over 14,000 golden visas provided to Russian citizens.

(With inputs from Agencies)

Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system. The scheme allows residency to anyone who is ready to invest $2.

Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system. The scheme allows residency to anyone who is ready to invest $2.7 million in UK's economy. The Johnson government is reportedly looking at curbing the influence of Russian money in the UK economy amid deterioration of ties with Putin's regime over Ukraine. Also Read: Thousands of Hong Kong citizens sign up for new UK visa Several international investors including Russians have reportedly taken advantage of the visa scheme to resettle in the UK. It has been under review since 2018 after the UK claimed Russian hand behind the poisoning of former Russian agent Sergei Skripal in Salisbury. The UK government had introduced checks including issuing orders for proof to be shown of a UK bank account in order to avail the scheme Now the UK government is reportedly concerned over money laundering claims with the plan set to be scrapped soon. In a report titled "Intelligence and Security Committee of Parliament - Russia" a committee had recommended "robust approach" to approve the Tier 1 (investor) visa programme. The report said UK’s investor visa scheme allowed Russian influence in the UK while informing that "there are a lot of Russians with very close links to Putin who are well integrated into the UK business and are accepted because of their wealth." "It is clear that Russia currently poses a significant threat to the UK on a number of fronts – from espionage to interference in democratic processes, and to serious crime," the report said. The report maintained that the "Russian threat" was "clearly indicated in 2006 with the murder of Alexander Litvinenko and with the annexation of Crimea in 2014." 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. The investor scheme is in operation since 2008 with over 14,000 golden visas provided to Russian citizens. (With inputs from Agencies)

UK may scrap 'golden visa' scheme over money laundering, Russia fears

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Gravitas: Portugal likely to scrap 'Golden Visa' scheme

UK scraps ‘golden visas’ for ultra-rich foreign investors amid crack down on Russian money

UK may scrap 'golden visa' scheme over money laundering, Russia fears