UK to scrap golden visa scheme for foreign investors

Visas offering foreign investors fast-track residency in the UK are expected to be scrapped by the government, amid pressure over UK links to Russia.

The scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

It has been under review for some time, after concerns it is open to abuse.

The Tier 1 (investor) visa, often called a "golden visa", offers residency to those investing £2m or more in the UK, and allows their families to join them.

Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest.

Banks are also now required to complete certain checks before opening accounts for applicants - who are also required to submit extra paperwork if their qualifying funds are invested through a chain of different companies.