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UK scraps ‘golden visas’ amid Russian money concerns

KIFI

By SYLVIA HUI
Associated Press

LONDON (AP) — Britain’s government says it is scrapping so-called “golden visas” offering residency to wealthy foreign investors amid security concerns and renewed calls for the U.K. to review its links with Russia. The Home Office said Thursday the Tier 1 investor visa route has given opportunities for “corrupt elites to access the U.K.” It said that in some cases, the visas have “given rise to security concerns, including people acquiring their wealth illegitimately and being associated with wider corruption.” Many of those who acquired such visas were Russians, and critics have long questioned whether the policy facilitated money laundering in the U.K. The government says the visa route will be shut to all new applicants from all nationalities with immediate effect.

Article Topic Follows: AP National Business

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Associated Press

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