Head Office:
16 Hanover Square, Mayfair, London, W1S 1HT

Major changes on the Tier 1 (Investor) Visa set for April 2014

The Migration Advisory Committee (MAC) – the Committee behind the adaptation of the contested financial requirements for spousal visas – have been asked by the Government to review the impact of Tier 1 (Investor) visa category on the UK economy. The MAC is expected to release its findings in April 2014, with suggestions aimed at altering the requirements of the visa in order to boost the UK economy with long term benefits.

Minimum of £1 million
Currently the visa requires applicants to invest a minimum of £1 million into the UK– via a 75% investment in UK Governmental bonds or loan capital in registered UK companies, whilst maintaining 25% on deposit or buying assets– the  benefit of which being the opportunity to follow a five year path to British Citizenship. The new proposals however could see applicants making a gift to the UK or even investing specifically in community projects or charitable projects. It is believed that these will prove more beneficial than what the current system requires. Further to this, it has been suggested that the new visa could offer applicants an accelerated route to British Citizenship.

Impact
The impact these changes will have on the UK economy are speculative, but what is clear is that the current UK Investor visa is not yielding the desired result upon the economy; with only 530 visa issued under this category in the past year, a considerably small number when compared with similar visas issued under the Points Based System. Further it could be that the UK investor visa route, when compared with other citizenship via investment routes within EU, may still face significant competition to attract potential investors; for example the newly announced Maltese Investor programme can offer applicants the benefits of EU based citizenship for as little as €650,000 – a more viable and convenient proposition that will certainly entice foreign nationals.

Continued struggle
The changes, as ever, seem to highlight the governments continued struggle to balance the interests of the economy, alongside the benefits of migration and following the addition of the ‘Genuine Entrepreneur’ requirement for of the Tier 1 (Entrepreneur) Visa in January 2013, looks to be the next step in their attempt to offer competitive and beneficial routes into UK based business. What is clear from this plan is the government’s response to the ever-growing plethora of pathways to gaining EU citizenship.

Time limit
It is therefore advisable that if anyone is considering applying under the current UK Investor Visa rules, that they do so before these changes are expected to be announced next year.

For more information about the visas/citizenship mentioned in this article and other routes into the UK, please contact us at info@westkin.com

Submit your review
1
2
3
4
5
Submit
     
Cancel

Create your own review

Average rating:  
 0 reviews

Immigration Cases

What we're saying

@westkinlaw

IMMIGRATION BLOG

Read All

  • HOW BREXIT AFFECTS EUROPEAN NATIONALS LIVING IN THE UK?

    Summary – Do Europeans need to leave the UK? The result of ‘Brexit’ is that the UK will now make plans to leave the EU.  ...

    Read More

  • Brexit heats up

    In today’s blog post we will examine the potential impact of a UK exit on the UK economy. As the nation moves closer and closer ...

    Read More

  • New spying powers

    In today’s blog post we will be discussing the news that UK Border Agency Staff have been hacking into refugee’s, including asylum seekers, rape and torture victim’s, ...

    Read More

  • Home Office stats 2015

    In today’s blog post we will continue with our latest entry into our ongoing serious exploring the latest Home Office immigration statistics. Published quarterly, the ...

    Read More

  • Latest figures show rise

    In today’s blogpost we will comment on the latest rise in the number of EU nationals working in the United Kingdom. For the first time ...

    Read More