UK plans to cancel its “Golden Visa” program

The Tier 1 visa, also referred to as the “Golden Visa”, is the document that is issued for a £2 million investment in real estate and allows one to obtain the right to reside in the country. Holders of such a visa in the future can expect to receive permanent residence. Investors can submit a request after 2-5 years (depending on the amount of investment). The “Golden Visa” has been issued in Britain since 2008, but the country's government plans to close this program in the near future.

Reasons for such action

The decision not to issue this document was the result of numerous checks on the origin of the capital of foreign investors. Some interesting facts:

• many investors bought housing in the country with money that were obtained illegally;
• some of the holders of the “Golden Visa” after receiving it repeatedly made purchases of luxury cars, paid for expensive education at local universities, etc. for the purpose of money laundering.

Given all these facts, the British government intends to consider cancelling the program in the near future.