Russian oligarchs use "golden visas" to obtain residence permits in Britain

It is reported by Reuters.

It is known that until February last year, in order to obtain a "golden visa", which gives the right to reside in the United Kingdom, it was necessary to invest two million pounds in the country's economy.

The majority of these investments (75%) had to be in the form of government bonds or business investments, and 25% - had to go to the purchase of assets or a bank deposit. It was also not possible to spend more than 180 days a year outside the UK.

However, by investing £5 or £10 million at once, the waiting time could be reduced. The government first ordered a review of the visa regime in 2018 after the poisoning of former Russian double agent Sergei Skripal in the UK.

According to the British government, 10 sanctioned Russian oligarchs, who received so-called golden visas for millionaire investors, may have obtained their wealth through corruption or organized crime. Among them, in particular, there are 10 oligarchs who have been sanctioned by the United Kingdom because of Russian aggression in Ukraine.

"The visas, first introduced in 2008, had been popular among wealthy people from Russia, China and the Middle East. Russian oligarchs and newly-minted Chinese entrepreneurs have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs," the article says.

At the same time, the British government was concerned about the source of some of the wealth, especially after Russia's invasion of Ukraine. According to the government, more than 12 thousand gold visas were issued, including more than 2.5 thousand to Russians.

On December 30, The Guardian reported that Russian oligarchs lost $95 billion in 2022 amid sanctions over the war in Ukraine. Roman Abramovich, the former owner of Chelsea football club, lost the most wealth. His wealth fell by 57% to $7.8 billion this year, according to the Bloomberg Billionaires Index.