UK investment visa suspension
The country's government has announced the suspension of the 'investment visa' (investor visa) considered to be the easiest way to build wealth in the UK. The symbolic image is Reuters
UK immigration minister Caroline Nokes said that suspension will be effective from midnight on Friday at the local time. He said that the suspension will be withdrawn after an audit process was launched to verify the financial issues of these visa applicants.
The UK started the investment visa in 2008 with promises of permanent residence facility attracting huge investments from the European Union (EU) countries. This is known as 'Tier 1 Investor Visa'.
Under the rules, it could be allowed to stay in the UK by investing 20 million pounds. First three years and four months were granted visas. Then there was the benefit of extension for two more years. Permanent residency opportunities available after completion of five years.
As an additional benefit to the wealthy, the government announced a new announcement in 2011. Then, after investing 10 million pounds, permanent residence opportunities were announced after just two years.
According to the BBC, the number of these visa applicants reached the highest in 2014. In that year, a total of 1,172 people were given visas for investment. And last year, there were 350 people. China and Russia have topped the list of applicants.
Last year, the UK's Migration Advisory Committee said the investment visa is not very good for the UK economy. Most applicants are investing in government bonds. This is not really an investment; Rather the government is lending to the government.
Besides, the dishonest people of different countries are accused of using this opportunity as tax evasion and money laundering tools. For this reason, the European Union (EU) has started an investigation (review) on the alleged 'Citizenship on Sail' project of 28 countries including the United Kingdom. Citizenship benefits are available in the EU countries for payment of money. For example, in the island state of Malta, 650,000 euros are deposited in the government treasury, as well as the country's citizenship by investing more than 8 million euros.
The UK immigration department (Home Office) said, after the withdrawal of the suspension, independent auditors will consider the financial and business capabilities of applicants from next year. It will also be examined whether funds declared for investment were under the control of the applicant for at least two years.
State Minister for Immigration Caroline Nokes said that the applicants will not be tolerated if they misuse the rule. New steps are taken to ensure that only real applicants get this opportunity and contribute fairly to the UK economy.
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