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The Intelligence and Security Committee's Russia report recommends a clampdown on investor visas. Late to this because I was away last week, but a few thoughts in thread form. (1/13)
There have long been concerns that the Tier 1 Investor scheme, which grants the right to live in Britain in exchange for investing in UK stocks etc, allows dodgy foreign money (not just Russian) to flow through London. https://www.wired.co.uk/article/russia-report-golden-visas (2/13)
This was particularly the case between 2008 and 2015, when Transparency International said that there had been “relatively open opportunities to launder wealth through the UK Tier 1 Investor scheme". https://www.transparency.org.uk/publications/gold-rush-investment-visas-and-corrupt-capital-flows-into-the-uk/ (3/13)
Immigration lawyers like @SophieBBLaw put it more delicately, but concede there was something to it. The Home Office clamped down in early 2015. https://www.freemovement.org.uk/tier-1-investor-visa-briefing/ (4/13)
The number of investor visa applications fell off a cliff after 2015 - but not necessarily because of anti money laundering checks. The minimum investment doubled from £1m to £2m around the same time, which was probably more of a factor. (5/13)
All the same, the period since the 2015 changes has seen far fewer Russians, in particular, getting investor visas. In the period 2008-2015, around 20% of all investment visa applicants were Russian. Since 2015, it's more like 10%. Lawyers like @carternichola noticed: (6/13)
That trend has increased in recent years. Well under 10% of investment visa applications are from Russians nowadays. (7/13)
The number of investor visas issued to Russians has in fact slowed to a trickle: just 23 last year, a record low. None at all in Q1 2020. https://www.gov.uk/government/publications/immigration-statistics-year-ending-march-2020/list-of-tables (8/13)
There aren't many refusals; just not many Russian applicants. It may be they are put off by heightened tensions since the Skripal poisonings and the accompanying promises of heightened scrutiny of the visa route. https://www.theguardian.com/uk-news/2018/sep/09/home-office-review-wealthy-russian-investor-visas (9/13)
There was still more tightening up of the investor visa rules in early 2019. https://www.freemovement.org.uk/new-statement-of-changes-to-the-immigration-rules-hc-1919/#Investor_visa (10/13)
So: a further "clampdown" on Russians getting investor visas may not make a huge difference, at least in terms of the raw numbers. A point also made in this article, which I came across after beginning this thread: https://www.kingsleynapley.co.uk/insights/blogs/immigration-law-blog/the-russia-report-why-we-dont-need-more-changes-to-the-tier-1-investor-visa (11/13)
Even so, the Tier 1 (Investor) visa has, arguably, limited economic benefits - see https://www.gov.uk/government/publications/the-investment-limits-and-economic-benefits-of-the-tier-1-investor-route-feb-2014. If the rules have already been tightened as far as they'll go, could the visa just be scrapped altogether? (12/13)
Abolition wouldn't do much for "Global Britain". But investor visas were a glaring omission from the government's recent blueprint for economic migration. https://twitter.com/ColinYeo1/status/1282622192438644738. On the evidence of the Russia report, the security establishment would not mourn the loss. (13/13)
