The United Kingdom has announced that it will be abolishing its Golden Visa program for non-resident investors. The program, which was introduced in 2008, allowed wealthy individuals to obtain residency in the UK by investing a minimum of £2 million in the country.
The decision to abolish the program comes as part of the UK government’s efforts to crack down on money laundering and illicit financial activities. The Golden Visa program has been criticized for being a potential avenue for money laundering and corruption, as it allowed individuals to obtain residency in the UK without undergoing the usual background checks and scrutiny.
The UK government has stated that it will be introducing a new visa program for investors, which will be more closely monitored and regulated. The new program will require investors to undergo more rigorous background checks and provide more detailed information about the source of their funds.
The decision to abolish the Golden Visa program has been welcomed by anti-corruption campaigners, who have long argued that the program was open to abuse. The UK has been under increasing pressure to crack down on money laundering and corruption, particularly in the wake of the Panama Papers scandal.
The move is also likely to be welcomed by the general public, who have become increasingly concerned about the impact of wealthy foreign investors on the UK property market. The Golden Visa program has been blamed for driving up property prices in London and other major cities, making it increasingly difficult for ordinary people to afford to buy a home.
Overall, the decision to abolish the Golden Visa program is a positive step towards greater transparency and accountability in the UK’s financial system. It sends a clear message that the UK is committed to tackling money laundering and corruption, and that it will not tolerate the abuse of its visa system by wealthy individuals seeking to evade scrutiny.
