Dec. 07, 2018 | 12:07 AM
U.K. suspends visa program for super rich in crackdown
Tom MetcalfAlex Morales and Neil Callanan| Bloomberg
A version of this article appeared in the print edition of The Daily Star on December 07, 2018, on page 5.
Roman Abramovich
Yvette Cooper
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The U.K. is suspending its investor visas for the rich, closing a route to permanent residence and British citizenship that's popular with Russian oligarchs and wealthy Chinese.
May said earlier this year that the government was reviewing the program after Labour Party lawmaker Yvette Cooper questioned the origin of money from 700 Russians who have been granted the visas. The number of applicants fell sharply in 2015 after the government introduced new anti-money laundering due diligence checks and doubled the minimum investment for the permit to 2 million pounds ($2.6 million).
The U.K.'s move could hamper people worldwide, but Russian oligarchs may be most affected by the changes. The U.K. has long been a particularly appealing jurisdiction for ultrarich Russians as a safe and stable place to do business, hold their wealth and educate their children, so much so that the city has been nicknamed Londongrad.