For years London has been a melting pot for cultural diversity. It has become nearly impossible to walk down Abbey Road or through Piccadilly Circus without hearing a variety of accents. These days, Russian accents are becoming more common. The crumbling economy back home is bringing a mass of Russians wealthy enough to buy their way onto English shores.
Rich Russians Head for the UK
Government information shows that in 2014 over 160 Russian citizens were granted investor visas by the month of September. This is a great deal more than the 96 visas granted the previous year over the same time period, and more than the total amount for the entire year of 2013. According to a top immigration lawyer in London, Russians are feeling insecure about their country’s economy – and with good reason. Since the unpopular role Russia has played in the Ukraine debacle, Western sanctions have severely affected Russians and particularly the country’s super-wealthy. The sanctions and the falling oil prices have resulted in economic mayhem for Russia, and led to many of its citizens seeking refuge – at least those who are able to.
Investor Visas
For Russian nationals, getting into England is not as easy as simply applying for a visa and paying the costs. Only very wealthy Russians can afford to get an investor visa, which is usually the route to be taken. A minimum amount of £1 million invested in British companies or government bonds was required until recently. To make it even harder this was raised to £2 million in November 2014. For those rich Russians who can afford this, the next step is to secure their long-term stay in their new home country. After living in the UK for a minimum period of five years, Russian investors can apply for permanent residency and eventually follow this with citizenship.
Rule Britannia
Despite its often dreary weather and bland food, the UK does offer one of the most stable economies in the world as well as cultural diversity. It is not only the Russians that are flocking to the new land of milk and honey. Permits granted to wealthy Chinese people have more than doubled since 2013. A tiny country in comparison to Russia and China, England may soon have to increase that investment threshold even further.