money laundering

UK to halt investor visa scheme

British ministers are halting a "gold-plated" visa scheme offering foreign investors a fast-track to settling in the UK, as part of a crackdown on financial crime. Tier 1 investor visas were introduced in 2008 to encourage rich people from outside the EU to invest in the UK. A £2m investment bought a visa and indefinite leave to remain after five years. But concerns were raised the scheme was being used to launder money. Its suspension will end after an audit process is introduced, ministers say.

 

money laundering

UK to halt investor visa scheme

British ministers are halting a gold-plated visa scheme offering foreign investors a fast-track to settling in the UK, as part of a crackdown on financial crime. Tier 1 investor visas were introduced in 2008 to encourage rich people from outside the EU to invest in the UK. A 2m investment bought a visa and indefinite leave to remain after five years. But concerns were raised the scheme was being used to launder money. Its suspension will end after an audit process is introduced, ministers say.