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Since the route opened in 2008, a total of 254 millionaires from India have used so-called “golden visas” to settle in the UK through large investments in the country, according to a new report released by a UK-based adversary. Corruption charity Spotlight on Corruption on Monday said Indians as the seventh nationality of the super-rich have availed Tier 1 (investor) visas, adding 254 between 2008 and 2020. China tops the list at 4,106, followed by Russia (2,526). India is ahead of Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278).
Saudi Arabia at 223, Turkey at 221 and Egypt at 206 round out the list of the top 10 countries that have been issued visas allowing applicants rights of residence in the UK, about half of which are now under review.
“The Golden Visa allows wealthy individuals to buy the right to stay in the UK if they invest in UK-registered companies. Individuals investing £2 million get an immediate right to stay in the UK for three years, with its The latter is followed by a two-year extension, the report titled “Red Carpet for Dirty Money” states.
“Those who invest £10 million can be fast-tracked to get an indefinite leave within two years, or within three years if they invest £5 million. From indefinite leave to remaining a visa holder, after a year, to the prized UK citizenship, we are on a steady path,” it adds.
Diamond trader Nirav Modi, wanted in India on charges of fraud and money laundering in connection with the Punjab National Bank (PNB) scam, is now fighting extradition to India in the High Court in London, believed to be in the UK. was living in Applied for an investor visa in 2015.
At the time, the route for the super-rich to obtain residency rights in the UK was relatively easy, based on a minimum investment of £2 million.
This has been dubbed a “blind trust” period, but since then the UK Home Office has tightened the criteria for the category and announced a review of these visas issued between 2015 and 2018 almost three years ago.
Spotlight on Corruption claims that all 6,312 Golden Visas issued during the “superstition” period are subject to review by the Home Office for “potential national security risks”, which is half of all such visas issued in total.
“The UK Golden Visa regime continues to pose a significant corruption, money laundering and national security risk to the UK,” said Susan Hawley, executive director of Spotlight on Corruption.
“It is worrying and deeply unfair that the government is tightening other parts of its immigration policy, but has yet to close the major loopholes that allow dirty money to flow into the UK. An independent review of this to the government whether the regime provides any real benefit to Britain,” she said.
The charity’s new report, which contains a remit to fighting corruption within the UK and wherever UK influence is, called on the government to urgently publish the findings of a review of visas issued under the category in the period 2008-2015. is invoked. .
This includes detailed statistics on what actions have been taken on specific cases, including referrals to law enforcement, cancellation of visas and denial of citizenship applications.
Its report warned that the golden visa regime continues to pose a significant “national security, corruption and money laundering risk” to the UK, despite recent reforms.
It warns, “Clear loopholes still remain, including applicants using ‘gifted’ funds to apply for golden visas, and that the Home Office requires more due diligence on funds invested by financial institutions.” dependent,” it warns.
The UK Home Office said the route to cracking black money has been improved over the years and will report on its pre-reform findings in due course.
“We improved the Tier 1 visa route in 2015 and 2019 to crack down on dirty money, and we do not rule out making further changes if necessary,” the Home Office said in a statement.
“These changes require banks to take extra precautions before opening an account and require applicants to provide proof of the source of their funds. As part of our work to protect this route from corruption, we are looking at these reforms. All Tier 1 investors granted prior to Visa are reviewing, and will report on their findings at an appropriate time,” the statement said.
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