Quilter Cheviot, the discretionary fund management arm of Quilter, has decided to close its Tier 1 Investor Visa business to new clients.
This comes after International Adviser reported that the European Commission is “extremely concerned” about member states offering citizenship to rich investors as they are seen as a potential “security threat”.
The firm will continue to offer its Tier 1 Investor Visa service to its existing clients.
Uncomfortable
Scott Stevens, head of business development at Quilter Cheviot, said: “Following a review of our Tier 1 Investor Visa business, we have decided to close it to new business.
“We have witnessed a growing trend of having to offer ‘pre-accounts’, as a prerequisite to attracting new business.
“These have not been something we have felt comfortable with, predominantly due to the implied time constraints to conduct robust due diligence.”
Scheme
The Tier 1 Investor visa is designed for high net worth individuals who want to relocate themselves and their family to various countries that partake in the scheme.
EU countries currently offering citizenship or visas in exchange for investment are: Austria, Belgium, Bulgaria, Cyprus, Greece, Latvia, Lithuania, Malta, Portugal and Spain.
The UK offers investor visas but, as it is not part of the Schengen visa-free travel area, this does not allow unrestricted travel across the EU.
According to law firm Henley & Partners, Moldova and Montenegro have unveiled plans to launch citizenship by investment schemes.
Complications
The billionaire owner of Chelsea football club, Roman Abramovich, was effectively kicked out of the UK a few months ago, despite ploughing millions into Chelsea, when he failed to get his visa renewed and subsequently withdrew the application.
The reasons for the UK visa withdrawal are still unknown but it came at a time of tightening immigration rules for international high net worth individuals.
The Russian oligarch has subsequently successfully applied for Israeli citizenship, after complications with his Swiss residency application.
