Yesterday, the UK Government issued a press release confirming that the Tier 1 Investor visa has been closed with immediate effect. The announcement stated “security concerns” as the reason for the immediate closure.
Before its end, the Tier 1 Investor route provided a visa and settlement opportunity to applicants with access to at least £2 million or more, to be invested in a qualifying investment within 90 days’ of arrival in the UK. Applicants could also bring their families to the UK under the route and apply for settlement after 5 years’ residence in most cases, with accelerated routes available depending on the level of investment.
With no requirement for sponsorship or endorsement, it was considered a highly appealing visa route for high-value investors. However, the route has allegedly been misused by “corrupt elites” with various media outlets citing use of the route by Russian organisations to facilitate corruption and money laundering within the UK.
For now, Tier 1 Investor visas which have already been issued will remain valid, and existing visa holders can continue to apply to extend or settle under this route. However, the press release confirms that the requirements for settlement will become more stringent, with a need to show “genuine job creation and other tangible economic impact.” It further confirms that granted Investor visas will be subject to scrutiny and review.
While this story sheds light to the potential abuse in offering visas in exchange for investment, the closure of the Investor visa does not mark the end of this practice in the UK. The press release confirms that the Tier 1 Innovator visa, which remains open to applicants today, will be revised to “provide an ambitious investment route” going forward. Currently, the Innovator visa is open to applicants who intend to run an innovative business in the UK. However, one key eligibility requirement at present is endorsement from an approved endorsing body, making this route much less accessible to high-value investors than the Tier 1 Investor visa was. It will be interesting to see whether the Government plans to revise this requirement going forward.
If you are currently on the Investor route or are considering other immigration options now that the Investor visa route has closed, it is important to understand your options. Please contact our specialist Immigration team on 03330 430350 for further information and advice.
