LONDON - Britain scrapped its so-called"golden visas" for wealthy investors on Thursday amid concerns about the inflow of illicit Russian money atHundreds of billions of dollars have flowed into London and Britain's overseas territories from Russia since the fall of the Soviet Union in 1991, raising fears among some allies that illicit money was cascading into the global financial system.
Prime Minister Boris Johnson's interior minister, Priti Patel, said on Thursday she had closed the Tier 1 system, which had offered a route to residency for those investing at least £2 million . London has long been dubbed"Londongrad" or"Moscow-on-Thames" as the city of choice for the super-wealthy of Russia and other former Soviet republics.
Charlie Fowler, a solicitor at Collyer Bristow in London, said the Ukraine crisis had expedited plans to scrap the investor visas.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.