Changes to the SRA’s Reporting Obligation
Nick Rollason, partner and head of immigration, was quoted in the FT on 6 December 2018 following the Home Office's announcement that there will be a crackdown on investor visas. Wealthy investors seeking a fast-track route to settlement in the UK are to face new restrictions.
Following concerns the scheme is being used to launder money, the entire investor visa route will be suspended at midnight on Thursday 6 December 2018.
Nick commented that while the changes were targeted at future investors, there was "still a risk" that some of those already here, particularly those arriving before 2015, could be asked to confirm the source of their investor funds.
"The investor visa has been a legitimate visa scheme, which has enabled high-net-worth families to relocate to the UK. As with any immigration scheme, there is always the risk that a few bad apples will get through the system and undermine its credibility, and I think this is what has happened here. Any improvements to the scheme which prevent those seeking to bring in ill-gotten gains is welcome, as it will hopefully restore credibility to the visa category and show that the UK remains open to families."
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