The UK Government has announced that the Golden Visas remain in force and has canceled the suspension of these visas. It did not offer any explanation for the same. The Visa program has been controversial and offers fast-track route to UK Residency.
Caroline Nokes the UK Immigration Minister announced the temporary suspension of the Golden Visas last week. This was to become effective from 14 December 2018. It was as a part of the drive to crack down on organized crime and corruption, as quoted by the NY Times.
The Government of UK had said that the Golden Visas program would be overhauled. It has been largely criticized for permitting overseas immigrants with illegal wealth to buy UK Residency. They are then allowed to launder their wealth in the UK.
The UK Tier 1 Visas are popular as the Golden Visas. The Government was unable to announce fresh curbs even several days of the published deadline. Immigration Attorneys thus continue to file applications for these visas.
The UK Home Office Spokesperson confirmed that the Visas have not been suspended. The commitment of the Government to overhaul the program was reaffirmed by the Spokesperson. However, any further details were not offered.
The Golden Visas were launched in 2008. These have been extremely popular among the affluent in UAE, China, and Russia. They have contributed a flood of funds that has buoyed the UK financial markets and real estate.
The program permits an overseas national to apply for UK PR after residing for 5 years in the nation. They must invest roughly 2.5 million $ or 2 million pounds in the UK. Those who invest 5 million pounds can apply for PR after 3 years. The application can be submitted after 2 years by those who invest 10 million pounds.
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