UK scraps rich foreign investor visa scheme

Visas offering foreign investors fast-track residency in the UK are being scrapped with immediate effect, the home secretary has confirmed.

Priti Patel said ending Tier 1 investor visas, for those spending at least £2m, was the start of a “renewed crackdown on illicit finance and fraud”.

The scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

It has been under review for some time, after concerns it is open to abuse.

The announcement had been expected next week amid pressure on ministers to cut UK ties to Russia over the threat of invasion to Ukraine, with a source confirming the decision to the BBC on Wednesday.

But the move has been brought forward, with the government saying it was part of their “new plan for immigration”.