2500+ Golden Visa Secretly Given to Russian Oligarchs by Britain

Allegations have been made against the UK government for not disclosing information by rejecting the publication of a report on the Golden Visa Program, also known as the Tier 1 visa program. This program granted residency to affluent non-nationals, including a minimum of ten Russian oligarchs who were under sanctions. According to The Observer and The Guardian, the Home Office has been accused of concealing this information.

In January of last year, the authorities released a condensed version of the inquiry on the Golden Visa, but opted against publishing a complete report.

Golden Visa Program

In 2011, the administration led by the Conservative party made a pledge to welcome entrepreneurs and investors with open arms. This promise involved granting faster permanent residency to those who made substantial investments and easing residency criteria to a significant extent.

According to the program, individuals from other countries who have put in £2 million can receive a visa, with the added advantages of a larger investment and a “sustainable route to obtaining highly valued British citizenship”.

From 2008 to 2015, there were minimal verifications on the origin of income. Having a UK bank account was not a requirement for applicants and there were no designated measures for detecting money laundering.

During the period of “blind faith”, approximately 85% of gold visas were granted to individuals from Russia.

The Golden Visa program granted investor visas to over 2,500 Russians, such as Roman Abramovich, former owner of Chelsea, and the ex-wife of one of Russia’s wealthiest individuals, Vladimir Potanin. In November 2019, a judge at the London High Court declared that Ms. Potanina’s lawsuit against her former spouse was a case of “marriage tourism” made feasible by the Golden Visa.

According to Margaret Hodge, the Labour MP and head of the all-party parliamentary group on anti-corruption, the golden visas were an alarming means for illicit funds to infiltrate our economy and for powerful individuals to gain entry into the country. To address this issue, it is crucial for us to have complete transparency regarding those who profited from the visas and the reasons for its shortcomings. The government should not shy away from revealing this information.

According to the U.K. Home Office, they have released important discoveries from the evaluation of the golden visa and will refrain from making any additional statements “in order to safeguard sensitive operations during the enforcement procedure.”

Several countries, except for Britain, generate revenue through the sale of passports.

Citizenship and visas from Europe, often referred to as “golden” passports, are in high demand among entrepreneurs originating from Russia, China, and the Middle East.

According to a report by Radio Free Europe/Radio Liberty, individuals such as billionaire Oleg Deripaska, the founder of Yandex Arkady Volozh, and his family members were granted citizenship in Cyprus in 2018, while others received passports from Malta.

During a conversation with the Financial Times, Věra Jourova, who is responsible for justice at the European Commission, stated that it is crucial for EU member countries to heighten their awareness and prevent aiding criminals and individuals with questionable backgrounds from moving to Europe and receiving the same privileges as those who have been living and working in the region for a long time. She also emphasized the discrepancy in the waiting period for citizenship between regular applicants and those holding ‘golden passports’.