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The UK is temporarily suspending a visa investment program that has been a route to permanent residence and British citizenship for wealthy foreigners.
The Tier 1 investor visa program will be frozen starting tomorrow until new measures against money laundering and organized crime are in place next year, according to a Home Office statement cited by Bloomberg.
The scheme is especially popular with Russian and Chinese investors, and could be most damaging to the many Russian oligarchs who have made London a second home. Relations with Moscow turned icy following the poisoning of former Russian double agent Sergei Skripal, however. One oligarch to feel the sting is Chelsea soccer team owner Roman Abramovich, who is now an Israeli citizen after failing to renew his UK visa, Bloomberg says.
In order to be eligible to apply for the Tier 1 visa, applicants had to have at least 2 million pounds available for investment in the UK, The Moscow Times writes.
The visa freeze may drive potential investors to other countries such as Spain where “golden visa” schemes operate. Spain allows foreigners who invest more than 500,000 euros to become permanent residents of the country, El Pais writes.
In the European Union, 13 countries currently offer permanent residency, and even citizenship in some cases, to big investors.
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The Moldovan Diaries is a multimedia, interactive examination of the country's ethnic, religious, social and political identities by Paolo Paterlini and Cesare De Giglio.
This innovative approach to story telling gives voice to ordinary people and takes the reader on the virtual trip across Moldovan rural and urban landscapes.
It is a unique and intimate map of the nation.