The introduction of investor visas made it possible for high net worth individuals to obtain British citizenship solely by making investments into the UK economy. From its induction, the popularity of this type of visa has been steadily increasing – from 43 visas issued in 2008 to 230 visas issued in 2011.
Investor visas are proving the most popular with Russian nationals – with 27% of the total number of visas, followed by Chinese investors with 15%. United Kingdom has always been an attractive destination for Russians. According to the estimate published by the Office for National Statistics, in 2009 there were almost 300,000 people of Russian decent living here. In fact, London is becoming commonly known in certain circles as Londongrad or Moscow-on-the-Thames.
As part of the relocation, Russians are actively purchasing properties in the United Kingdom. Such ownership is more than just a necessity but also acts as a status symbol of wealth and business achievement. However, London is not the only place where wealthy Russians are looking to buy properties. According to James Wyatt, partner of the estate agency Barton Wyatt, there has been a rising interest for houses in Surrey.
“Overseas buyers accounted for 55% of total sales in the first quarter of 2012 making this sector a highly lucrative market for us”, said James Wyatt.
He explains that: “Russian buyers comprise a significant proportion but they have high expectations. They are not content with older properties in need of renovation, they desire to own the very best that money can buy, brand new grand homes, dressed to perfection and key ready.”
Source: Expat Forum
