Nationality and Borders Bill

I say to noble Lords that I share their concerns. I will also be writing to the Committee before Report on this very matter. Since 2015, we have excluded investment in government bonds and strengthened the rules to ensure that investments are made in active and trading UK companies. Applicants must also demonstrate that they have a wealth of at least £2 million for at least two years, up from 90 days, or provide evidence of the source of those funds. We require banks to explicitly state in a letter to the Home Office that they have completed all requisite customer due diligence and know your customer checks prior to opening the applicant’s account, and we have increasing evidential requirements where migrants have invested their qualifying funds through a chain of intermediary companies so that the Home Office can better assess the ultimate destination of qualifying investment.