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U.K.’s Russia Report Demands Major Rethink of ‘Golden Visas’

  • Russia oligarchs prime beneficiaries of visas aimed at rich
  • The document criticizes crime agency’s use of wealth orders
Updated on

A costly visa favored by Russian oligarchs and other wealthy investors should be completely revised because it was widely exploited and applicants weren’t adequately vetted, according to a report that laid out the scale of the country’s infiltration in U.K. society and politics.

“The U.K. welcomed Russian money, and few questions -- if any -- were asked about the provenance of this considerable wealth,” according to the report published on Tuesday by a panel of lawmakers. “One key measure would be an overhaul of the Tier 1 (Investor) visa program -- there needs to be a more robust approach to the approval process for these visas.”