UK suspends 'gold-plated' visa program amid organized crime concerns

London is suspending its so-called "gold-plated" visa program in an attempt to crack down on financial crime and corruption.

The Tier 1 investor visas were introduced in 2008, so wealthy people from outside the European Union could speedily navigate their way through the United Kingdom's visa system and settle in Great Britain.

Participants were required to invest at least 2 million pounds ($2.5 million) in the UK economy and, after five years in the country, would qualify for "indefinite leave to remain". Those who invested 5 million pounds could apply for permanent residency after only three years, and a 10 million pound investment bought it after only two years.