07 Dec 2018
Britain will suspend its top tier investor visas, which require 2 million pounds ($2.55 million) in investment, as part of a drive to crack down on organised crime and money laundering.
From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, the wealthy have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs.
The influx of super-rich has brought tens of billions of pounds in investment and helped London preserve its position as one of the world’s top two global financial capitals, though the government has been concerned by the provenance of some of the wealth.
By Guy Faulconbridge, Reuters, 6 December 2018.
Link to Reuters.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet