On Tuesday, 27 March 2018, the Prime Minister Theresa May confirmed to the members of parliament that the UK government was conducting a review of visas issued to the foreign investors.
According to The Times, Mrs May announced that the investor visa programme under which more than 700 Russian investors came to Britain between 2008 and 2015 is under review. The Prime Minister noted that the Home Office has been examining whether the Tier 1 Investor route was being used properly or whether there were any loopholes.
Until the end of 2014 the applicants for Tier 1 Investor visas had to demonstrate a minimum of £1 million to invest in the UK, then this threshold was increased to £2 million.
The Prime Minister was urged to start a review of 706 Tier 1 Investor visas issued to the Russian citizens and their respective source of income indicated in the application documents.
Retrospective Investor Visas Review
This unprecedented retrospective review was announced at the liaison committee of the House of Commons and will affect all the investors and will not specifically be focused on the Russian citizens.
It is expected that the applications for the extension of the Tier 1 Investor visas and indefinite leave to remain (settlement) will be scrutinised by the Home Office. The risk of revocation of the current visas also exists, so any inspections and actions from the Home Office will require immediate response from the visa holders to avoid negative consequences for them and their family members.
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