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254 Rich Indians Used “Golden Visa” Route To UK In 12 Years: Report

254 Rich Indians Used 'Golden Visa'' Route To UK In 12 Years: Report

Golden visas enable wealthy people to to stay within the UK in the event that they put money into UK corporations. (Representational)

London:

A complete of 254 millionaires from India have used the so-called “golden visa” to cool down within the UK by a big funding into the nation for the reason that route opened in 2008, in response to a brand new report launched by a UK-based anti-corruption charity on Monday.

Spotlight on Corruption stated that Indians ranked because the seventh nationality of super-rich to have availed of the Tier 1 (Investor) Visa, including as much as 254 between 2008 and 2020. China topped the checklist at 4,106, adopted by Russia (2,526), Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278) forward of India.

Saudi Arabia at 223, Turkey at 221 and Egypt at 206 full the checklist of prime 10 nations to have been issued the visa permitting candidates residency rights within the UK, with round half the whole now beneath evaluation.

“Golden visas allow wealthy individuals to buy the right to live in the UK if they invest in UK-registered companies. Individuals that invest 2 million pounds get an immediate right to live in the UK for three years, followed by a two-year extension,” notes the report entitled ‘Red Carpet for Dirty Money”.

“Those that invest 10 million pounds can be fast-tracked to get indefinite leave to remain within two years, or within three years if they invest 5 million pounds. From indefinite leave to remain visa holders are on a steady path, after one year, to much prized UK citizenship,” it provides.

Diamond service provider Nirav Modi, wished in India on fees of fraud and cash laundering in relation to the Punjab National Bank (PNB) rip-off and now combating towards being extradited to India within the High Court in London, is believed to have been dwelling within the UK on an Investor Visa utilized for in 2015.

At the time, the route was comparatively simpler for super-rich people to accumulate residency rights within the UK, primarily based on a minimal of 2-million-pound funding.

It is dubbed the “blind faith” interval however since then the UK Home Office tightened the norms for the class and introduced a evaluation round three years in the past of those visas issued between 2015 and 2018.

Spotlight on Corruption claims that every one 6,312 golden visas issued through the “blind faith” interval are beneath evaluation by the Home Office for “potential national security risks”, which quantities to half of all such visas issued general.

“The UK’s golden visa regime continues to pose a significant corruption, money laundering and national security risk to the UK,” stated Susan Hawley, Executive Director of Spotlight on Corruption.

“It is alarming and deeply unfair that the government is becoming draconian in other parts of its immigration policy but has yet to close major loopholes that allow dirty money to come to the UK. The government must commission an independent review of whether the regime provides any real benefit to the UK,” she stated.

The new report by the charity, which has a remit to combat corruption throughout the UK and wherever the UK has affect, has known as on the federal government to urgently publish the findings of its evaluation of the visas issued beneath the class within the 2008-2015 interval.

It consists of detailed statistics on what motion has been taken on particular instances, together with referrals to regulation enforcement, revocation of visas, and denials of citizenship functions.

Its report warns that the golden visa regime continues to pose a big (*12*) to the UK regardless of latest reforms.

“Glaring loopholes remain, including that applicants using ”gifted” funds to apply for a golden visa still face no due diligence, and that the Home Office remains over-reliant on financial institutions for due diligence on wealth invested,” it warns.

The UK Home Office stated the route has been reformed in the previous couple of years to crackdown on black cash and that it’ll report on its pre-reform findings sooner or later.

“We reformed the Tier 1 visa route in 2015 and in 2019 to crack down on dirty money and we have not ruled out making further changes, if necessary,” the Home Office stated in a press release.

“These changes include requiring banks to do extra due diligence checks prior to opening accounts and requiring applicants to provide evidence of the source of their funds. As part of our work to prevent this route from corruption we are reviewing all Tier 1 investor visas granted before these reforms were made, and will report on our findings in due course,” the assertion stated.

(Except for the headline, this story has not been edited by India07 workers and is revealed from a syndicated feed.)


(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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