The United Kingdom is considering a new program to attract wealthy foreign nationals who make a contribution to the British economy.
Years after abolishing its Tier 1 Investor Visa, the Prime Minister of the UK, Keir Starmer, is considering the launch of a special visa for international investors who invest in industries such as artificial intelligence, clean energy, and life sciences, among others, VisaGuide.World reports.
The move comes in a bid to boost the UK’s economy, attracting more investments from other countries’ applicants, according to a report from Bloomberg.
UK Abolished Tier 1 Visa Amid Security Concerns
Previously, the United Kingdom offered the Tier 1 Investor visa, which permitted entry and stay in Britain to applicants who invested funds in share capital in active and trading UK-registered companies.
The program was under review and had raised security concerns, taking into account people obtaining their wealth in an irregular way and being associated with money laundering and corruption.
The program was terminated in 2022, under claims that the program gave opportunities for corrupt elites to access the UK.
I have zero tolerance for abuse of our immigration system. Under my New Plan for Immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities.
Since it was launched, the scheme was reformed several times to improve its values and reduce the exposure to irregular affairs, however, it was terminated.
Golden Visas Offered in Several European Countries
Similar to the program that the United Kingdom is attempting to launch, several European countries run schemes that permit wealthy internationals to acquire residency in exchange for financial investments.
Countries such as Portugal, Greece, Malta, Cyprus, and Hungary offer Golden Visa Programs that offer residency in exchange for financial investments.
However, the European Commission has called on countries offering these programs to terminate them as soon as possible, in spite of the fact that they bring a significant contribution to the country’s economy.
The government of the United Kingdom has introduced radical reforms to its immigration system in a bid to reduce migration and restore controls at the borders.
In a recent statement, the UK government said that the new decision will help reshape the immigration system for those who make the most significant contribution to the UK’s economy.