EDINBURGH — The British government is cracking down on super-rich individuals from corrupt states who have been living in the UK. The move is retaliation for Russia’s attempt to assassinate a former spy in Salisbury, using chemicals. But it’s still going to be easy for anyone with pots of money, and a smart business idea, to put down roots in Great Britain, the government has promised. So, too, is it relatively easy for educated people, including Russians, who have something to offer the university sector to gain a permanent foothold in the country. I was recently reminded of the ease, for some, of becoming UK residents when my Russian friends – educated to PhD and Master’s levels respectively – were awarded visas to stay after five years of working hard, and publishing important research, for a Welsh university. – Jackie Cameron
By Thulasizwe Sithole
New Home Office rules that take effect in April will require visa applicants to prove they have had control of more than ÂŁ2m for at least two years, reports the Financial Times.
“Wealthy investors from countries such as Russia who want to settle in Britain face stricter rules on so-called golden visas following the Skripal nerve agent attack. However, transparency campaigners have attacked the shake-up to the visa scheme, which has seen rich overseas investors such as billionaire Roman Abramovich set up home in the UK, as not going far enough,” says the business newspaper.
“In an attempted crackdown on money-laundering, new Home Office rules that take effect in April will require visa applicants to prove they have had control of more than £2m for at least two years, rather than 90 days.
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“The investments will also need to be made in UK businesses, while investing in gilts will be excluded, in an attempt to increase the benefit to the British economy,” it says.
The tier-one “investor visa” route has in the past attracted many wealthy Chinese and Russian investors who have resettled in the UK, points out the pink paper.
“But the scheme has been under review since the UK’s relations with Russia deteriorated after the poisoning of former Russian agent Sergei Skripal in Salisbury last year.
“Britain failed to renew the visa of Mr Abramovich, owner of Chelsea football club, after the Skripal attack, in the highest-profile case of the UK spurning one of its Russian residents.”
The number of Russians granted tier-one visas fell from 46 in 2017 to 29 last year, the lowest number since they were introduced in 2008, says the FT.
Meanwhile, Home Office officials said the department was still “looking into” the idea of wealth audits, but they would not be included in the April rule changes.
The department, says the FT, has already made an embarrassing U-turn after it was forced to reverse a complete suspension of the investor visa scheme in December on being challenged by immigration lawyers.
Caroline Nokes, immigration minister, is reported as saying her priority was “making sure that talented business people continue to see the UK as an attractive destination to develop their businesses”.
Separately, the Home Office said on Thursday it would relax conditions for entry in two other tier-one visas — the “start-up visa” (formally known as graduate entrepreneur) and the “innovator visa” (previously called the entrepreneur visa).
“The former is being expanded to people of any background looking to start a business, not just recent graduates. They will also be given a total of two years, rather than one, to make their business a success before applying for a further visa.”
Meanwhile, the innovator route will be for more experienced business people but applicants will need only ÂŁ50,000 to invest, rather than ÂŁ200,000 under the current scheme, says the FT.
Both routes will be assessed by “endorsing bodies and business experts” rather than the Home Office. Nadine Goldfoot, a partner at immigration law firm Fragomen, welcomed the changes. “The Home Office are making good practical changes for entrepreneurs and they’re doing the right thing,” she said.
“It makes such a difference when experts assess applications, rather that officials being expected to decide what makes a good business.”
