Record numbers of rich Russians are buying their way into the UK on investor visas as the rouble collapses.
The number of investor visas issued to Russians in 2014 was 69% higher than in 2013, according to Home Office figures.
Under the UK’s visa rules investors have to stake a minimum of £2m in Britain in order to secure the visas, which in some cases are then approved in under 24 hours. Applicants can fast-track the process if they invest £5m or more, which allows them to settle permanently after three years. For a stake of £10m this drops to two years.
The influx of Russian wealth is already being felt in the London property market. Wealthy Russians made up 21% of super-prime London sales in the six months to October, up from 13% in the previous six months, according to the latest data from Knight Frank.
Sunday Times, 4
Record numbers of rich Russians are buying their way into the UK on investor visas as the rouble collapses.
The number of investor visas issued to Russians in 2014 was 69% higher than in 2013, according to Home Office figures.
Under the UK’s visa rules investors have to stake a minimum of £2m in Britain in order to secure the visas, which in some cases are then approved in under 24 hours. Applicants can fast-track the process if they invest £5m or more, which allows them to settle permanently after three years. For a stake of £10m this drops to two years.
The influx of Russian wealth is already being felt in the London property market. Wealthy Russians made up 21% of super-prime London sales in the six months to October, up from 13% in the previous six months, according to the latest data from Knight Frank.
Sunday Times, 4
