Tier 1 Investor Route Changes
An anticipated ministerial statement was laid before Parliament on the 16th October 2014, highlighting key changes to the current Immigration Rules.
On the 6th November 2014 significant changes to the Immigration Rules will be implemented in the Tier 1 (Investor) category, which is being transformed following recommendations from the Migration Advisory Committee. The new amendments, announced in the Statement of Changes, will double minimum investment requirements, remove the ‘topping-up’ provision and not accept loaned funds.
Highlights of the Statement of Changes:
- From 6th November 2014, Individuals wishing to enter the UK with a Tier 1 (Investor) visa, will be faced with a minimum £2 million GBP investment requirement, double the current minimum prerequisites. This is a significant increase upon the current £1 million investment requirement. The Home Office will also have more power over application decisions, as revealed below;
- As of the 6th November, applicants will no longer be able to rely on loaned funds, the investment sum needs to be owned by the individual.
- With reasonable grounds, the Home Office will have the power to refuse applications (even if all criteria has been met). This could be on cases where the applicant has obtained funds unlawfully or from 3rd parties.
- Investors will no longer be able to ‘top-up’ their investment if it drops in value due to market fluctuations. The UK Government is, thus, encouraging investors to invest in higher risk investments which could potentially benefit the United Kingdom.
- The Government will shortly consult on specific types of investment that this route should encourage to deliver financial benefits to the UK.
- 100% of funds need to be invested into main investment funds as opposed to the current 75%. This could have an impact on the investor’s funds depending on how much is invested.
The above points highlight some of the key alterations outlined in the Statement of Changes for the Tier 1 (Investor) route.
For more information on how these changes could affect you, don’t hesitate to contact us.