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UK Suspends ‘Golden Visa’ Scheme
December 13 , 2018
2079 days
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- The British government has suspended the Tier-1 (Investor) visa, as a part of the drive to crackdown on money laundering and organised crimes.
- This visa scheme will be there until the new safeguarding rules are brought in 2019.
- The UK tier 1 investor visa, referred to as a "golden visa", was established in 2008.
- It was the most favoured route that high net worth individuals (HNI) from India, China and Russia used to get permanent residency in the UK.
- To qualify, the foreign nationals must put down a minimum of £2 million (around $2.5 million) as an investment in Britain.
- Such an investment in UK bonds, share capital or companies allows investors to apply for permanent residency within 5 years.
- For a £5 million investment – they can apply for permanent residency after 3 years.
- For a £10 million investment – they can apply for permanent residency after 2 years.
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