GOLDEN tickets for foreign billionaires to move to Britain are to be axed.
Home Secretary Priti Patel wants to scrap the Tier 1 Investor visa scheme, which fast-tracks residency in return for millions of pounds in business backing.
The clampdown comes amid concerns London is flooded with cash and assets linked to Kremlin tyrant Vladimir Putin.
It would mean rogue investors and businessmen from hostile states would no longer be able to buy their way into the country under the premise of investment.
In all, 12,000 of the visas have been dished out to businessmen from around the world — including at least 2,500 to Russians and their dependants — since the scheme began in 2008.
The Home Office has said it is believed 700 of those Russians are estimated to have gone on to gain UK residency.
Ms Patel is understood to have long wanted to end the scheme over security concerns.
Government insiders fear the number of criminals gaming the route have discredited it, with the process set for the chop in weeks.
Tory MP Tom Tugendhat, Foreign Affairs Committee chairman, said: “I’ve been critical of Russian money in British politics for a long time.
“I see it as an essential element to maintaining the optionality of the defence of British people — so get it out now.”
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