Wealthy people investing in The Golden Visa of the UK increasing

The number of wealthy people investing in the Golden Visa of the UK is on the rise. The number of foreign investors investing £2 million in the UK for the Golden Visa is at a record five-year high.

The UK had clamped down the visa scheme after the unfortunate Skripal Novichok poisoning attack.

The UK Home Office granted 255 Golden Visas in the first half of 2019. The Golden Visa allows you to live and work in the UK for up to 5 years. As per data released by the UK Home Office,  for a six-month period this was the most number of visas issued since 2014.

Caroline Nokes, Home Office Minister, had suspended the visa scheme in December 2018. She had said that the UK would not tolerate anyone who tried to abuse the system. However, the UK Govt. later backtracked and kept the visa scheme in place. However, tougher rules were introduced from April to keep money laundering and organized crime in check.

124 Golden Visas were issued between April and June this year. The period saw a 91% increase as compared to the same period last year under more lenient rules. As per the UK Home Office, only four applicants received a visa rejection.

The UK had accused Russia of ordering the poisoning attack on Yulia and Sergei Skripal. Following the attack, the Home Office had said that it would review the visas of more than 700 Russians. They had come to the UK between 2008 and 2015.

The Golden Visa scheme was first launched in 2008. Since then, 11,000 people have entered the UK on the Golden Visa. The majority of these people were from Russia and China. Billionaire Roman Abramovich, the owner of the Chelsea Football Club, was also one among them. However, after the UK Govt. failed to renew his Visa, he took up Israeli citizenship.

Under the new stringent Golden Visa rules,  visa applicants must invest £2 million in UK companies. They should also be able to prove that they had legal access to the funds for at least two years. Previously, applicants had to prove access to the funds for only 90 days.

Visa holders who can maintain their investment in the British companies for five years become eligible for ILR (Indefinite Leave to Remain). They can later on also apply for UK citizenship.

If you are looking to Study, Work, Visit, Invest or  Migrate to the UK, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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