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U.K. Axes $2.5m Investment Visas as Part of Crackdown on Russian Oligarchs

“We will not tolerate people who seek to abuse the system,” said Britain’s top immigration minister.

As part of a crackdown on suspected dirty money flowing in from Russian oligarchs, Chinese entrepreneurs, and Middle Eastern oil tycoons, Britain has announced that, beginning Dec. 7, it will suspend its top-tier investor visas that require $2.55 million in investments in U.K. entities. The “golden ticket” visa had permitted those who acquired share capital, loan capital, or bonds in U.K. companies to have more than three years of entry, and had drawn billions of pounds in investment to London over the past 20 years. “I have been clear that we will not tolerate people who do not play by the rules and seek to abuse the system,” said Immigration Minister Caroline Nokes. “That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support U.K. businesses, can benefit from our immigration system.”