UK is expected to scrap golden visa scheme for foreign investors
February 17, 2022, 9:13 am

UK is expected to scrap golden visa scheme for foreign investors

Tower Of London in England (File photo: Pixabay)

The BBC reported, visas offering foreign investors fast-track residency in the UK are expected to be scrapped by the government, amid pressure over UK links to Russia.

A government source confirmed reports of an announcement next week on Tier 1 investor visas, which offer residency to those spending at least £2m.

The scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

It has been under review for some time, after concerns it is open to abuse.

However, the expected announcement next week comes amid pressure on ministers to cut UK ties to Russia over the threat of invasion to Ukraine.

Russia has amassed more than 100,000 troops along Ukraine's border - but denies it is planning an invasion.

London-England-St Paul'S Cathedral (File photo: Pixabay)

The Tier 1 (investor) visa, often called a "golden visa", 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.

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A £2m investment allows an application within five years, shortened to three years with £5m or two years if £10m is invested.

The Home Office said it had already reformed the scheme to ensure it is not used to facilitate corruption, and did not rule out further changes.

A spokesperson added it would report "in due course" on an ongoing review of visas granted before changes to the scheme in 2015.

Changes to scheme

The Home Office has issued 14,516 investor visas to Russian citizens since the scheme opened in 2008.

Several changes have been made since its introduction, including extra checks on how and when applicants acquired their wealth.

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Banks are also now required to complete certain checks before opening accounts for applicants - who are also required to submit extra paperwork if their qualifying funds are invested through a chain of different companies.

In 2020, Parliament's intelligence and security committee argued for a "more robust" approach to approving Tier 1 visas as part of a report on Russian influence in the UK.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”