VISAS for wealthy investors are expected to be scrapped by the UK Government over fears of the links between Russia and the UK.
The so-called 'golden visas', formally known as a tier one investor visa, launched in 2008 for people who have at least £2m in investment funds and a UK bank account.
Concerns have been raised about the VIP passes, with claims that the system could be exploited due to insufficient background checks on those applying for them.
The BBC has reported a briefing from an anonymous government source that the scheme is to be scrapped in an announcement next week.
It comes amid concerns about Moscow’s influence in the UK as tensions continue about a potential Russian invasion of Ukraine.
Labour former minister Chris Bryant has previously called for a full review of the scheme as he accused the Government of “giving out golden visas to dodgy Russian oligarchs” and said the system is used as a “backdoor loophole” to funnel dirty money into the UK.
In 2018 a report published by the Foreign Affairs Committee, which at that time included the now Home Secretary Priti Patel as a member, accused ministers of risking national security by “turning a blind eye” to the Russian “dirty money” flowing through the City of London.
Concerns over the practice of issuing golden visas were raised during this inquiry which found that despite the outcry over the Salisbury Novichok nerve agent attack, Russian President Vladimir Putin and his allies were continuing to use London as a base for their “corrupt assets”.
Liberal Democrat Foreign Affairs spokeswoman Layla Moran welcomed the report that the scheme would be ditched, saying it was "long overdue".
She continued: "The Conservatives have turned a blind eye to Russian interference in this country for years and had an open door policy to Kremlin cronies.
“Shockingly this Government still hasn't published a report about the possible misuse of golden visas.
“Cancelling the scheme is long overdue, it shouldn't have taken the threat of a defeat in Parliament to finally get this Government to act.
“They must publish this report immediately and take urgent steps to tackle the influence of Russian money including a public register of overseas property ownership.”
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