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    Roman Abramovich

    UK Did Not Ask Russia's Abramovich to Explain Origin of Capital – Source

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    LONDON (Sputnik) - UK authorities have not demanded that Russian billionaire Roman Abramovich explain the origin of his capital when processing documents to renew his investor visa, a source from businessman's inner circle told Sputnik.

    "He was not asked to explain the source of his capital. No additional requirements. The usual process for a visa renewal, just longer than usual," the source said.

    On Sunday, the Bell news website reported that Abramovich's UK investor visa had expired more than three weeks ago, but the billionaire hadn't received a new visa. Earlier this week, the Guardian newspaper reported that the billionaire could be asked to explain the source of his capital under new, tighter regulations introduced in April 2015.

    READ MORE: Indian Doctors Hit Hard by UK Work Visa Restrictions

    When asked about Russian billionaire Roman Abramovich, Kremlin spokesman Dmitry Peskov said that he should decide himself whether the demands put forward by the UK authorities for his visa application are legal, this is not the issue that should be addressed by the Kremlin.

    On Monday, a source from Abramovich's inner circle told Sputnik that Roman Abramovich faced long processing time to extend his UK investor visa, denying allegations that the United Kingdom had refused to renew the visa.

    In order to get the UK Tier 1 (Investor) visa, an applicant must invest at least two million pounds (about $2.7 million) in the country. The visa is issued for a maximum of three years and four months and can be extended for another two years. If a Tier 1 visa holder invests 10 million pounds, he/she can apply to settle in the country after two years, or after three years in the event he/she invests five million pounds.

    On March 27, UK Prime Minister Theresa May said the UK Home Office was undertaking the review of the Tier 1 Investor visas to ensure that nobody can use this program to circumvent residency restrictions.


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