The UK government said it was scrapping the so-called “golden visa” system offering residency to wealthy foreign investors amid security concerns. The UK golden visa program will be scrapped with immediate effect. Tier 1 investor visas The removal is “the start of the UK’s renewed crackdown on fraud and illicit finance”. The move will be followed by a review of visas by the Home Office that were already granted under the programme. By this the government is trying to stop the influence of Russian money.According to Home Office data, about 1,400 investor visas were issued between 2015 and 2020. In addition, a 2020 parliamentary report stated that the ‘investor visa programme’ was exploited.
What is the UK Golden Visa Program?
Immigrant Investor Program
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