Number of Russian applications for investor visas in UK doubled

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The number of wealthy Russians who wish to leave Russia for Foggy Albion increased due to the introduction of anti-Russian sanctions and the economic crisis.

Wealthy Russians’ applications for investor visas to the UK have became more frequent due to the introduction of sanctions and harsher prospects for the Russian economy, reports Bloomberg.

According to the British Fragomen LLP that specializes in immigration issues, in the second quarter of 2014 73 Russians applied for the Tier 1 visa that requires investments in the British economy. In comparison, in the same period of 2013 their number was 37.

According to the data of the Home Office, a ministerial department of the Government of the United Kingdom, responsible for immigration, for the nine months of 2014 162 Russians obtained investor visas (comparing with 96 persons in the same period last year).

Investor visas give non-EU citizens the opportunity to get in a short time a residence permit and citizenship, investing from 2 million ($3 million) to 10 million ($15 million) pounds in the British economy.

At the same time since November 2014 the UK tightened rules for the Tier 1 investor visa issuance for the first time in 20 years, doubling the required sum (from 1 million to 2 million pounds) and imposed restrictions on the investment structure. The old rules allowed investing 25% of the total sum in real estate, but the new rules do not permit that.

According to Knight Frank, 114,000 millionaires from other countries moved to the UK in 2004-2013, which is the highest rate in the world.

Text and pictures by INTERFAX.RU