Revisions to Tier 1 Investor Visa
The issuance of Tier 1 Investor visas, as it is known, was suspended at the end of 2018. The UK authorities have revised the requirements for this category of visa and the work on the issue resulted in approving stricter rules for obtaining it. This is partly due to the fact that it is not always easy to trace the origin of funds and the lawfulness of their receipt by the owner. The future perspective for the British government is creation of a special group to track financial flows, including control over the illegal movement of money under the guise of investments.
Minimum Funds Needed
The amount of 2 million pounds remains the minimum funds to be provided in the form of investments. But there is a significant amendment consisting in the fact that the applicant must possess this money for at least 2 years before submitting the application. Previously, the period of ownership of the designated amount was 90 days. The advantage of the Investor Visa is that investing in the economy of Britain allow you to obtain a residence permit, which later will become the basis for obtaining citizenship. These rules have not been altered, so investing remains one of the most reliable ways to immigrate to the United Kingdom.
At the time of application, according to the proposed reforms, the applicant is required to show that the investments into the British business have been already done, as well as to evidence comprehensive audits of their financial and business interests. Furthermore, applicants will no longer be able to invest in government bonds and must direct their funds to acting UK trading companies. Investments in the gilts are also excluded. These measures are aimed at increasing the profits for the British economy.
Caroline Nokes, Immigration Minister, explains such actions of the government by saying that the UK should remain an attractive business development destination for talented businesspeople. This will help create more jobs across the country and ensure the prosperity of the economy. Immigration rules for this category of visa will be developed jointly with business experts to provide benefits for the economy, and for the UK to remain a leading country, interesting for business innovators.
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