‘Golden visas’ scheme posed an ‘inherent’ risk to national security

A ‘small’ number of wealthy foreign investors were ‘potentially at high risk’ of having links to corruption or serious organised crime, a review of so-called golden visas has found.

Home Secretary Suella Braverman set out the findings after the Government shut down the tier 1 investor visa route last year amid security concerns.

Those eligible for the visa, launched in 2008, needed to have at least £1 million in investment funds in active and trading UK registered companies.

Successful applicants were able to work or study in the UK for up to five years and apply to settle in the country after making further investments.

But the scheme was put under review over fears the system could be exploited because not enough background checks were made on applicants, amid claims by Labour former minister Chris Bryant that visas were being handed out to ‘dodgy Russian oligarchs’.

In a written statement to Parliament published on Thursday, Ms Braverman said: ‘I can confirm that the Home Office considered the cases of the 6,312 Tier 1 (Investor) migrants and Tier 1 (Investor) adult dependants who obtained leave between the launch of the route on 30 June 2008, and the introduction on 6 April 2015 of a requirement to open a regulated UK bank account before applying for a visa under the route.

‘Each case was reviewed for potential links to criminality or other risk factors. Officials also considered whether there were wider risks presented in the design and implementation of the route at that time, and the overall economic benefit of the route.

‘The review of cases identified a small minority of individuals connected to the Tier 1 (Investor) visa route that were potentially at high risk of having obtained wealth through corruption or other illicit financial activity, and/or being engaged in serious and organised crime.’

In her statement, Ms Braverman said: ‘I should stress that the work carried out only implies that a particular individual potentially poses a risk of having connections to criminality; it does not mean guilt has been proven.

‘UK law enforcement have access to this data and are taking action as appropriate under their operational remits. Information on all high-risk individuals has been discussed with the Home Office’s independent operational partners and a range of actions has and is being considered, including, where appropriate, immigration action.

‘Given the importance of ensuring the independence of the law enforcement process, I am unable to say more on the operationally-sensitive work being taken forward in this area.

‘Whilst unable to comment specifically due to operational sensitivity of work – as an example of the range of actions we are taking I can say that we have already sanctioned 10 oligarchs who had previously used this route as part of our extensive response to Russian aggression in the Ukraine.’

Then home secretary Amber Rudd announced the review of golden visas in 2018 after the Novichok poisonings in Salisbury.