UK “Golden” Visas were abused by rich investors with links to illicit money in Russia, Nigeria others.

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UK “Golden” Visas were abused by rich investors with links to illicit money in Russia, Nigeria others.

January 12, 2023January 12, 2023

According to a statement released by the British government on Thursday, a small percentage of those who were granted so-called “golden visas” for wealthy investors may have gotten rich through corruption or other illegal financial activity.

In the days leading up to the invasion of Ukraine, the government abolished the visas, which had provided a path to residency for people investing at least 2 million pounds ($2.43 million), out of worries about the influx of illegal Russian money.

After former Russian double agent Sergei Skripal was poisoned in Britain in 2018, the government first requested a review; the findings of that inquiry were only made public to parliament on Thursday.

The Home Secretary Suella Braverman stated in a written statement that the review of cases “identified a small minority of individuals connected to the Tier 1 (Investor) visa route that was potentially at high risk of having obtained wealth through corruption or other illicit financial activity, and/or being engaged in serious and organized crime.”

The wealthy have come to London over the past 20 years, buying everything from lavish mansions to soccer clubs and commercial property, including billionaires from Russia, the Middle East, and China.

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