FCA bans former Dolfin Financial executives over £35.5m investor‑visa scheme

The Financial Conduct Authority has prohibited and fined three former executives of Dolfin Financial for operating a programme that allowed clients to obtain UK investor visas without meeting the legal investment threshold.

Scheme details and penalties

Between 2016 and 2019 the trio offered a service that let applicants pay a £400,000 fee instead of the required £2 million investment in UK companies. The arrangement enabled 99 individuals to secure visas and generated about £35.5 million in fees for firms linked to Dolfin and for immigration agents that sourced the clients.

“These individuals ran a scheme designed to get around the UK’s investor visa rules, undermining their purpose of attracting genuine investment into the UK.”

Denisz Nagy, the former chief executive, received a £324,800 fine and a ban from the financial services industry. Sanjay Maraj, who served as finance director, was fined £122,000 and also barred. The regulator said both deliberately concealed the true nature of the arrangement from the FCA and the Home Office. Roman Joukovski, a co‑founder, was banned for acting as an undeclared shadow director and for failing to disclose his control of the firm. He has appealed the decision to the Upper Tribunal.

Future of the investor visa

The investor visa, often dubbed the “golden visa”, attracted high‑net‑worth individuals after the 2016 Brexit vote weakened the pound, making the £2 million threshold comparatively cheaper. The government shut the scheme in February 2022 amid concerns over security and money‑laundering. Ministers are now reportedly weighing a new investor‑visa route, which could revive demand for high‑value capital inflows if introduced with tighter safeguards.

For the financial sector, the FCA’s action serves as a reminder that shortcuts in compliance can trigger severe penalties, and that any future visa‑linked products will be subject to heightened scrutiny.