‘Golden visa’ applications rise by 46% in the year irrespective of the government clampdown. The increase relates to the number of the international super-rich prepared to invest GBP £2m for the benefit of working and living in the UK.
UK Prime Minister Theresa May issuing the end to a wealthy visa scheme in order to avoid “corrupt” and “illicit” money flowing into Britain.
The tier 1 investor scheme, also know as the “golden visa”, permits visitors to remain in the UK for 40 months if they invest more than GBP £2m into the British economy.
In addition, the government had also issued tighter rules back in 2015 which required the “golden visa” applicants to prove the source of their wealth.
Chelsea FC owner, Roman Abramovich, had his application to extend his tier 1 visa delayed due to part of a government review of previously granted visas to eliminate suspect funds.