United Kingdom has scrapped the Tier 1 investor visas with immediate effect. According to UK Home Secretary Priti Patel, the scheme “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”.
About Tier 1 investor visa
- The Tier 1 investor visa, often called a “golden visa”, was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.
- It offers residency to those investing £2m or more in the UK, and allows their families to join them.
- Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest.
- A £2m investment allows an application within five years, shortened to three years with £5m or two years if £10m is invested.
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