Suella Braverman issues ministerial statement after long-awaited review of tier 1 (investor) visa scheme
The tier 1 visa route, whereby wealthy individuals could buy the right to live in the UK by investing in British-registered companies, was shut in February after Russia’s invasion of Ukraine amid fears that the system was being abused.
Until then, for £2m, foreign nationals could be granted a visa, with more benefits the higher the investment and a “steady path” to achieving “much-prized UK citizenship”. For seven years between 2008 and 2015, which has been called the “blind faith” era, there were minimal checks on the source of funds, applicants did not need a UK bank account and there were no specific money-laundering checks.
“The review of cases identified a small minority of individuals connected to the tier 1 visa route that were potentially at high risk of having obtained wealth through corruption or other illicit financial activity, and/or being engaged in serious and organised crime,” Braverman said.Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morningNewsletters may contain info about charities, online ads, and content funded by outside parties.
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