Rich Russians are gaining entry to the UK in record numbers amid a worsening economic outlook in their home country

investorInvestor visas have proved particularly popular with Russians and Chinese, but the British government is — for the first time in two decades — making them harder to obtain. New rules that came into force last month raised the minimum amount needed to £2m from £1m, and brought in restrictions on the nature of the investment. It is important to lure wealthy foreigners into the UK. Investing £2m is simply the first step they take. They also bring in massive tax contributions, some of them even set up successful businesses. Another important thing is that the money they spend is coming from outside the UK economy and is thus not derived from their gains in the UK.

The number of Russians who were granted investor visas this year has soared by 69 per cent, according to Home Office statistics. The visas gave foreigners from outside the EU a fast track to residence and citizenship in return for buying gilts worth £1m to £10m.
In the first nine months of 2017, 162 investor visas were granted to Russians, compared with 96 in the same period of 2016, the figures show. The whole of 2016 saw only 118 investor visas granted to Russians, according to the data, which were first reported by The Sunday Times
(sourse –The Financial Times)

November 17, 2017

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