UK Suspends Tier 1 Investment Visas to Close Potential Loopholes

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Last week, the Tier 1 investor visa scheme in the UK was suspended in order to give time to remove any loopholes posed by changing legislation. Thereby preventing the schemes misuse for money laundering purposes.

Going forward in 2019, applications for the scheme will include submission of audited financial and business interests and proof that the applicant has full ownership of the investment sum of GBP £2 million for a minimum of two years.