By Andrew MacAskill

LONDONJan 12 – The UK government says on Thursday that a small number of people who are being granted so-called “golden visas” for millionaire investors may have made their fortune through corruption or organized crime.

The government last year scrapped visas, which offered a way into residence for those who invested at least 2 million pounds ($2.43 million), days before the Ukrainian invasion, amid government concerns over an illegal influx of Russian money.

The government first commissioned a visa review in 2018 after the poisoning of former Russian double agent Sergei Skripal in Britain. After keeping the findings secret for years, the government released details of the probe to parliament on Thursday.

“The review of cases identified a small minority of individuals associated with the Tier 1 (Investor) visa route who are potentially at high risk of acquiring wealth through corruption or other illicit financial activity and/or being involved in serious and organized crime. ,” Interior Minister Suella Braverman said in a written statement to parliament.

The visa, which was first introduced in 2008, has been popular with wealthy people from Russia, China and the Middle East. Over the last two decades, Russian oligarchs and new Chinese businessmen have flocked to London, buying up everything from mansions to football clubs.

The flow of tens of billions of pounds of investment has helped London maintain its position as one of the world’s leading financial capitals. But the government is concerned about where some of the wealth is coming from, especially after Russia’s invasion of Ukraine.

Under the scheme, foreigners who invest two million pounds in assets in the UK can apply for permanent residency after five years in the country. Investing 10 million pounds allows you to submit an application after two years.

(1 US dollar = 0.8226 pounds)