The Government's 'golden visa' scheme for wealthy foreign investors could be scrapped over potentially concerning links between Russia and the UK.

The Tier 1 (investor) visa - more widely known as 'golden visas' - allow residency for those investing £2 million or more in the UK and their families.

Holders of 'golden visas' can apply for permanent residency in the UK, depending on how much they hope to invest.

The controversial visas have long been under review amid security concerns and fears about the Tier 1 type being easy to abuse.

Now, as tensions continue to rise in the West over the Russian-Ukranian border, ministers are considering scrapping the 'golden visas' or improving "checks".

Wandsworth Times: Foreign Secretary Liz Truss arrives with Tim Barrow, Political Director at the Foreign, Commonwealth and Development Office, in Downing Street, London, ahead of a meeting of the Government's Cobra emergency committee on the situation in Ukraine. Photo via PA/Stefan Rousseau.Foreign Secretary Liz Truss arrives with Tim Barrow, Political Director at the Foreign, Commonwealth and Development Office, in Downing Street, London, ahead of a meeting of the Government's Cobra emergency committee on the situation in Ukraine. Photo via PA/Stefan Rousseau.

What are golden visas and will the scheme be scrapped?

Minister for the Armed Forces James Heappey has said he believes Home Secretary Priti Patel is looking at scrapping “golden visas” for wealthy foreign investors amid concerns over links between Russia and the UK.

When asked whether the Government is planning to scrap the scheme on the BBC’s Today Programme, he said: “Changes were made to that in 2015 and 2019 to make sure that the checks were ever more stringent.

“But, absolutely, as we enter into what could be a generation or longer of quite acute competition with Russia, all of the things that have become normal in anglo-Russian relations over the last 30 years will be up for review.

“That’s, I think, what the Home Secretary and her team are looking at at the moment.”

Under current 'golden visa' rules, the Tier 1 scheme lets wealthy investors apply for UK residency within five years if they invest £2 million, three years if they invest £5 million or two years if £10 million is invested.

Mr Heappey later told Sky News about plans to make life for the Russian "elite" in the UK "extraordinarily hard" if Putin decides to invade Ukraine.

He told Sky News: "If President Putin continues on the course of action he's on, I don't think the UK will be alone in making it extraordinarily hard for those individuals to enjoy the trappings of their wealth in the West."

It comes after Foreign Secretary Liz Truss said UK sanctions if Moscow invades Ukraine would be severe in targeting “oligarchs” and “companies across Russia”.