The Tier 1 Investor visa program will be suspended from midnight on Friday ahead of reforms created to tackle money laundering and organized crime, according to a Home Office statement.
Tier 1 investor visas were introduced in 2008 to encourage rich people from outside the European Union to invest in the UK.
The initial investments thresholds were £1 million, £5 million or £10 million, which led to permanent residence in 5, 3 or 2 years respectively, and eventual citizenship.
But the Home Office said the scheme would be suspended from midnight on Friday amid ongoing efforts to tackle serious organised crime.
They will be reinstated once toughened measures have been put in place, ministers said.
The reformed visa will require applicants to provide comprehensive audits of their financial and business interests, and show they have had control of the £2m of investment funds required to obtain the tier 1 visa for at least two years.
Launched in 2008, over 1,000 Tier 1 (Investors visa) have been granted until September 2018, mostly to Russian and Chinese investors, but they also include 76 Indian millionaires (and their 100 dependents) until 2017.
"That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support United Kingdom businesses, can benefit from our immigration system".
'That is why I am bringing forward these new measures which will make sure only genuine investors, who intend to support United Kingdom businesses, can benefit from our immigration system'.
Under future plans which are expected to come into play by next year, investors will have to provide audits of their finances which will be regulated United Kingdom auditing firms.
However, three years later, the Migration Advisory Committee said the scheme brought little economic benefit for British citizens because most applicants were buying gilts to qualify - so were effectively loaning the government money, rather than investing in the UK.
It will also be possible for pooled investments, supported by the government, to back projects with a clear economic benefit to the United Kingdom, such as supporting small and medium enterprises.
A government crackdown on the number of "gold-plated" oligarchs allowed into the United Kingdom will come into effect tomorrow, it has been reported.
The Home Office is also replacing the Tier 1 Graduate and Entrepreneur visa routes with a Start-up visa route, announced in June, and the Innovator visa route.
On June 6, when the Philadelphia Eagles attempted to send a delegation of only a few players, the White House canceled the visit. One thing's for sure, and I told [the media] before, one thing I'm proud, we're standing up on our own two feet.
Soon an image of the asteroid appeared on the mission control screens: a diamond-shaped body with a rough, speckled exterior. It is the first USA attempt to gather asteroid samples for return to Earth, something only Japan has accomplished so far.
The Hindi version of the film opened at Rs 20.25 crore and has maintained a good pace even during the weekdays. On the other hand, Rajinikanth is awaiting the release of Petta, which is hitting the screens on Pongal 2019.
Claude Puel completed a successful few days for Leicester with their 2-0 win over Watford at the King Power Stadium on Saturday. Watford fans unveiled a banner that said "Thank you Vichai for allowing us all to dream".
Depuis qu'il avait appris l'existence de cette " loi d'un autre temps " il y a un mois et demi, Dane Best ne cessait d'en parler. Les boules de neige faisaient techniquement partie de cette prohibition.
The University of Michigan's Michigan Medicine was awarded as a top teaching hospital, its fifth since 2010. The selection of Top Hospitals was based on surveys from almost 1,900 hospitals across the nation.
Of late, after another group filed a PIL seeking a ban on the film, taking objection to its content for affecting the sentiments of Hindus, the Gujarat High Court made a decision to take strict action, albeit against the organization.
He didn't stick around to offer his usual quips and one-liners to the media - Embiid split to catch up with his family. Fultz had said he wasn't hurt and the decision came a day after he appeared to lose his backup point guard spot.
Household chemicals linked to early puberty in girls
The study, published in the journal Human Reproduction , examined chemical levels including phthalates, parabens and phenols. And with every doubling of mothers' urine concentrations of triclosan, girls started menstruating one month earlier.
Stérile, mais loin d'être malheureux
Pour détendre l'atmosphère, Keen'V y est allé d'une note d'humour: " En même temps, vu ma gueule, vaut mieux pas que j'en aie! Après avoir d'abord évoqué une différence d'âge en 2007 à nos confrères de Closer , Keen'V est désormais prêt à reconnaître son problème de fertilité.