The United Kingdom launched the concept of the Golden Visa in 2008 to get individuals with high net worth to make investments in the nation. Here’s how wealthy investors like the Russian oligarchs are using it to migrate to the UK.
What is the Golden Visa?
The UK’s Golden Visa is a Tier 1 or Investor Visa. Launched in 2008, it is usually seen as a fast-track process for wealthy investors migrating to the country. For applicants to migrate to the UK, they must be at least 19 years old. Additionally, they should have complete ownership or control of the assets they are claiming. the funds should not have illegal means of acquisition and they have to provide a criminal record for the last 10 years. This will help in ensuring that “the character, conduct or associations of that party are such that approval of the application would not be conducive to the public good”.
Additionally, applicants must invest a minimum of £750,000 (equal to $984,426) to qualify. Applicants gain an entry clearance for two years and they cannot seek employment as a doctor or dentist unless they hold a degree and license from a UK institution. They cannot seek employment as a sportsperson or coaches. In other words, it allegedly helps people in buying their way into the UK. However, the British government stopped taking new applications starting on February 17 as Russian troops were slowly moving toward Ukraine. Announcing the news, Priti Patel, UK Home secretary stated that this will help in stopping “corrupt elites who threaten our national security and push dirty money around our cities”.
Russian Oligarchs migrate to the UK
Eight Russian oligarchs on the UK’s sanctions list due to their relations with President Putin were granted Golden Visas to live in the UK. However, UK’s Home Office Minister Susan Williams did not reveal their identities. The UK had sanctioned Roman Abramovich, Igor Sechin, Roman Abramovich, Oleg Deripaska, and Andrey Guryev Jr among others.
As per a report by the Guardian, so far, 2,581 Russian citizens have recited the Golden Visas since its inception. They are also a potential risk to national security. The scheme has been under scrutiny since 2018 following the death of Sergei Skripal, a Russian military intelligence agent. The death played an important role in the deteriorating relations between Russia and UK. Additionally, enforced by tighter rules of applications. And applicants must have a bank account in the UK.