Britain called off the golden visa and the whole world began to block the rich in China?

 Britain called off the golden visa and the whole world began to block the rich in China?

A blockbuster news has been circulating quietly in the British Chinese circle recently:

Britains golden visa, which is popular with wealthy Chinese, has been suspended since December 7.

What is a golden visa?

In short, it is to exchange personal investment for a countrys residence visa, and then obtain the permanent residence right of the country and eventually become naturalized.

Since the 1980s, many countries in the world have launched investment and immigration channels similar to gold visas, including Britain.

The UK policy is to invest 2 million to 10 million in the UK, and applicants will be granted permanent residence rights --- depending on the amount of investment, the waiting time will vary from two to five years.

British media reports say that in the first nine months of this year alone, more than 1,000 applications have been approved, most of them from China and Russia.

What do the rich Chinese (including the rich Russian) look like after they get the golden visa? In a Reuters report, he said:

They have flocked to London in recent years to snap up luxury houses, football clubs... They have invested tens of billions of pounds and helped London maintain its position as one of the worlds two major global financial centres.

However, the government recently suspended issuance of this popular visa policy, which it believed might be used for illegal money laundering on December 7, 2018.

British Immigration Minister Caroline Knox said that Britain would not tolerate those who do not follow the rules and attempt to abuse the system.

Xiao Rui found that the suspension of the gold visa in Britain was not the only blockade experienced by the rich in China in recent years.

Earlier last year, the U.S. Department of Homeland Security released a revised draft of the EB-5 Regulation for Investment Immigration Visas, which soared the minimum investment in target employment areas from $500,000 to $1.35 million, and in non-target employment areas from $1 million to $1.8 million.

Such a large increase is bound to block a large number of applicants from mainland China. Voice of Germanys website also commented in the report at that time.

At the same time, countries have also strengthened supervision of illegal activities such as money laundering that may be suspected of by the rich in China.

In December last year, Spain cracked the money laundering case committed by Chinese groups, arrested 104 people in several Spanish provinces, and uncovered some local Chinese businessmen suspected of using the so-called buy-on-behalf to transfer profits, thereby avoiding the illegal act of paying taxes on public finances.

It is worth mentioning that this year, there is also a hoop curse placed on some peoples heads.

According to the Common Declaration Standards (CRS), which China decided to accede to four years ago, from the end of September, information on bank accounts opened by individual Chinese citizens and their companies in participating countries or regions will be automatically reported to the Chinese tax authorities, and other participating countries or regions will automatically receive information provided by China.

In other words, more than 100 countries (regions) participating in CRS around the world are forming a coalition, and the phenomenon of tax evasion that no one has ever noticed in the past is gone.

However, in Xiao Ruis view, there may not be a containment theory for the rich in China to some extent.

Because, as long as we make clean money, pay taxes legally and operate in good faith, no one can really stop up.

Source: Reference News Network Responsible Editor: Han Jiapeng_NN9841