UK Did Not Ask Russia’s Abramovich to Explain Origin of Capital – Source

UK Did Not Ask Russia’s Abramovich to Explain Origin of Capital – Source
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Sputnik / Alexei KudenkoEurope10:47 23.05.2018(updated 11:03 23.05.2018) Get short URL1
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LONDON (Sputnik) – The UK authorities did not demand that Russian billionaire Roman Abramovich explained the origin of his capital when processing documents for renewing his investor visa, a source from businessman’s inner circle told Sputnik.

“He was not asked to explain the source of his capital. No additional requirements. The usual process of visa renewal, just longer then usually,” the source said.

On Sunday, the Bell news website reported that Abramovich’s UK investor visa had expired more than three weeks ago, but the billionaire did not get a new visa. Earlier this week, the Guardian newspaper reported that the billionaire could be asked to explain the source of his capital under new, tighter regulations introduced in April 2015.

READ MORE: Indian Doctors Hit Hard by UK Work Visa Restrictions

In order to get the UK Tier 1 (Investor) visa, an applicant must invest at least two million pounds (about $2.7 million) in the country. The visa is issued for a maximum of three years and four months and can be extended for another two years. If a Tier 1 visa holder invests 10 million pounds, he/she can apply to settle in the country after two years, or after three years in the event he/she invests five million pounds.

On March 27, UK Prime Minister Theresa May said the UK Home Office was undertaking the review of the Tier 1 Investor visas to ensure that nobody can use this program to circumvent residency restrictions.

Source.