On 17th February 2022, the tier 1 (investor) visa route option closed. Here, Alex Christen and Ferial Khan comment on this important change.
The tier 1 (investor) visa allowed people to enter the UK if they invested funds in share capital or loan capital of up to £2,000,000 in active and trading UK registered companies and leading to settlement after a five year stay and effectively UK citizenship.
One of the biggest drives behind this is to prevent corrupt elites accessing the UK. It has been under constant review and in some cases has caused security concerns including people acquiring their wealth illegitimately and being associated with wider corruption.
The government now thinks that this category will have minimal economic benefit to the UK’s economy and will result in the expansion of other visa routes.
The UK government’s New Plan for Immigration will reform the Innovator route, part of the new points-based immigration system, to provide a investment route which works more effectively in support of the UK’s economy. But we’ve yet to see how effective this can be and whether this reverts to the old visa route.
Those who already hold visas in this category (and their dependents) will be able to continue to make applications to extend their immigration permission until February 2026 and applications to settle in this category until February 2028.
It might be the case there is no comparable route for wealthy individuals/families to move to the UK going forward.
As immigration rules continue to change, it’s essential to keep track with the latest developments. Our dedicated Business Immigration team can help you follow the right to work guidance and conduct accurate right to work checks. To find out more about how we can support you, don’t hesitate to get in touch at email@example.com.