UK Closes ‘Golden Visa’ Scheme
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0:00 UK Closes ‘Golden Visa’ Scheme
1:19 UK Closes ‘Golden Visa’ Scheme
The UK closes its “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment.
The British government said on 17 February 2022 that it is scrapping so-called “golden visas” offering residency to wealthy foreign investors amid security concerns and renewed calls for the United Kingdom to review its links with Russia.
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2:27 UK Tier 1 Investor Visa
Launched in 2008, the “Tier 1 Investor Visa” programme allowed people with at least £2m in investment funds and a UK bank account to apply for residency rights, along with their family.
The speed with which applicants were allowed to get indefinite leave to remain was hastened by how much money they planned to invest in the UK: £2m took five years, while £10m shortened the wait to just two.
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3:50 Alternate UK Visa Route-Innovator Visa
The interior ministry said reforms were being made to the so-called “innovator” visa as a replacement route for potential applicants.
This is part of a new post-Brexit, points-based immigration system, which the ministry said will provide “an ambitious investment route which works more effectively in support of the UK economy.”
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