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The UK has suspended the Golden Visa system for foreign investors

The UK has suspended the Golden Visa system for foreign investors

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The United Kingdom is ending its “Golden Visas” system, with visas dedicated to wealthy foreign investors and especially appreciated by Russian citizens. The organization has been widely criticized since the beginning of the Ukrainian crisis. Gold visas allow their Russian owners to launder dirty money.

With our correspondent in London,

Since 2008, 2 500 Russians Until 2015 it was granted the right to enter the UK in exchange for a multi-million pound investment, with little or no checks. After strengthening this date and procedures, applications fell to the Russians. Conclusion: We do not know the origin of the money invested in the United Kingdom, we do not even know how much Russian money is actually in London.

In the Russian context, most of those who acquire their wealth through gas or oil are bound by a political economy known as kleptocracy, i.e. government by thieves, John Heathershaw, professor of international security policy at the University of Exeter, and author of a report for the think tank Satham House. If you want to succeed in business, you must succeed in politics. The line between politics and economics is very fine.

The device was heavily criticized by British intelligence and the United States. The Home Office has acknowledged that the restrictions have not been in place since 2015.

Money is used for investment purposes, but also for influence

We may wonder what this money was once used for on British soil, and it is difficult to know exactly here. A portion is actually invested in stone or companies. According to John Heathershaw, the rest can be used for influence.

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This visa device allows large donations to public institutions, art galleries, universities, etc. It allows you to gain a certain social status, a certain influence and your reputation. It provides access to elite circles where you can influence the discussion.

In 2018, the government of Theresa May announced that it would review visas issued between 2008 and 2015. These results have never been made public, again being severely criticized, especially by Transparency International and Spotlight on Corruption.

The new system that makes investors more selective

For the home minister, this will make it possible to further select investors who are accessible to the region, because yes, the system will change in the fall. But for existing investors, this will not change anything regardless of the source of their money.

Anti-corruption NGOs fear the new system will be a first-time reconsideration, among a publicity stunt Russian-Ukrainian diplomatic crisis. They call for more transparency, and above all the guarantee that foreign investment will bring definite benefits to the British economy, the fall of Golden Visas has not been proven.