BAD NEWS FOR THE LONDON LUXURY HOME MARKET AS NEW AML DUE DILIGENCE CHECKS ARE FOLLOWED BY DRASTIC DECLINE IN UK INVESTOR VISAS
The number of wealthy investors granted visas to live in the U.K. fell 84 percent last year after the government doubled the minimum investment required for the permit to 2 million pounds ($2.8 million) in November 2014. New checks that mean applicants have to go through anti-money laundering due diligence checks may also be restricting demand, according to Transparency International U.K., a non-profit organization that monitors corruption. The decline in the number of people being granted the visas may be bad news for developers. There are plans to construct more than 25,000 luxury properties in the city over the next decade, according to data compiled by consulting firm Arcadis.
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