Priti Patel plans to scrap £2m 'dirty money' visas amid fears scheme is exploited by crooks 

A visa scheme that allows rich foreigners to live in Britain in exchange for a minimum £2million investment is to be scrapped by Priti Patel amid concerns over Russian ‘dirty money’.

There has been long-standing unease that the Home Office’s ‘Tier 1’ investor scheme was being abused by criminal gangs and the super-rich from overseas. 

Now the Ukraine crisis has led the Home Secretary to bring forward its demise.

Miss Patel is expected to announce an immediate end to the ‘golden visas’ next week, 13 years after they were introduced by Labour in an effort to draw investment to the UK.

More than 12,000 have been doled out, including 2,500 to Russians. 

A visa scheme that allows rich foreigners to live in Britain in exchange for a minimum £2million investment is to be scrapped by Priti Patel (pictured) amid concerns over Russian ‘dirty money’

Oligarchs and other businessmen linked to President Vladimir Putin are thought to be among those who have abused them.

The end to the scheme will be seen as part of a range of sanctions being drawn up against Moscow.

A Home Office spokesman said it was also reviewing all Tier 1 investor visas granted so far.

The spokesman said: ‘We reformed the Tier 1 visa route to crack down on dirty money and we have not ruled out making further changes.

‘As part of our work to prevent this route from corruption we are reviewing all Tier 1 investor visas granted before these reforms were made, and will report on our findings in due course.’

Russia’s foreign minister Sergei Lavrov yesterday warned Moscow would ‘retaliate’ if new sanctions were imposed by Britain, without going into detail.

UK ministers last week gained powers to impose tough new sanctions on Russian oligarchs and businesses should it invade Ukraine.