Dec
2018
The Home Office has suspended issuing investor visas unless applicants can prove that the funds are from a legitimate source to be invested in a bona fide UK company.
Depending on the level of investment, an applicant can be fast-tracked to indefinite leave to remain in the UK.
Tier 1 investor visas, which were introduced in 2008 for those willing to invest millions of pounds into the country, will be suspended from midnight on Friday 7th December 2018.
Investments could be made of £2million, £5million or £10million in Government bonds or British businesses in return for permission to apply for permanent residence in five, three or two years respectively.
But the Home Office said the scheme would be suspended amid ongoing efforts to tackle serious organised crime.
Applicants will also have to prove they have controlled their £2 million investment for two years.
On Wednesday, immigration minister Caroline Nokes said the UK hoped to block foreign investors from abusing the system by bringing in the new measures.
The scheme only previously required that applicants had a UK bank account and were of “good character”.
Under the new rules, applicants will have to undergo audits of their financial and business interests to prove they have not laundered money.
These audits will have to be carried out by regulated UK auditing firms which have no involvement with any qualifying investments or the visa application.