The UK on Thursday (local time) closed the Tier 1 investor visa route to all new applicants of all nationalities with immediate effect for security reasons.
The Home Office took action as the road failed to offer the British people and gave corrupt elites access to the UK.
UK Home Secretary Priti Patel has taken decisive action with immediate effect. “I have zero tolerance for abuse of our immigration system. As part of my new plan for immigration, I want to ensure that the British people have confidence in the system, including stopping corrupt elites that threaten our national security and funnel dirty money into our cities,” Patel said.
“Closing this road is just the start of our new crackdown on fraud and illicit finance. We will publish an action plan against fraud, while the next economic crime bill will crack down on people that abuse our financial institutions and will better protect the taxpayer,” she said. added.
The route had allowed entry and stay in the UK if an applicant invested equity or loan capital funds in active and trading UK registered companies, read the statement from the Home Office .
It has come under constant scrutiny and some cases have raised security concerns, including people acquiring their wealth illegitimately and being associated with wider corruption.
The settlement will now be conditional on the applicants executing an investment strategy that can show genuine job creation and other tangible economic impacts, passive holding of UK investments will no longer be sufficient to secure a settlement.
The introduction of the points-based immigration system has allowed us to target the investors we want in the country. Improvements will be made to the Innovator visa route to support this.
It demonstrates the government’s new plan for immigration in action – standing firm against those who want to abuse the immigration system while those who want to come to the UK and play by the rules will have that opportunity, the statement added.
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