UK TIER1 INVESTOR VISA SUSPENDED UNTIL FURTHER NOTICE
The Home Office has declared it will be stopping investor visa applications whilst an inspection is held into present worthiness obligations. The Tier 1 investor visa allows non-EEA nationals to come to the United Kingdom where they have capitalized a minimum of £2 million, with fast-tracked qualification for ILR.
Why has the Government stopped the Tier 1 Visa?
Announced in the year 2008, the purpose behind the investor visa was to entice venture from foreign nationals, while proposing fast-tracked entitlement for British citizenship – performing as a so-called ‘Golden Visa’.
To succeed, the asset must be made in United Kingdom government bonds, share capital or loan capital in vigorous and trading UK listed companies.
In 2017, more than 1,000 investor visas were allotted. The first half of 2018 saw a 17% upsurge in applications against the same period in 2017. The common applicants were Chinese and Russian citizens, with visas also permitted to investors from Australia, Hong Kong and the US. Worries have since been made that the path may be being used to launder money into the United Kingdom.
Immigration minister Caroline Nokes stated: “The UK will always be accessible to valid and authentic investors who are dedicated to serving our economy and trades develop. “Nevertheless, I have been obvious that we will not bear individuals who do not play by the policies and seek to misuse the system.
“That is why I am carrying forward these new actions which will make certain that only reliable investors, who aim to assist UK businesses, can benefit from our immigration system.”
It is not an entirely unforeseen move, given events earlier this year when Roman Abramovich removed his Tier 1 investor extension application, in reply to the intensified analysis facing the visa applicants.
Will the investor visa rules be changed?
The Home Office has advised there will be an audit of the current investor visa route, with a view to tightening the eligibility requirements. We expect the route will be re-opened following the introduction of revised rules. Specifically, we predict changes to be made affecting:
- The kinds of investments allowed under the path – remorse to be eliminated from the permitted list and likely substituted with an Irish-st le programme of venture directing funds to combined, government- supported investments with clear economic subsidy to the United Kingdom.
- Who is accountable for inspecting funds – self-governing, controlled auditors will evaluate applicants’ monetary and commercial interests, rather than Home Office workforces.
- More clearness of basis of funds – applicants to make available complete audits of all monetary and business welfares.
- Extending the obligatory period of control of funds – applicants to demonstrate possession of the funds for at least 24 months, prolonging the current 90 day requirement.
Once the route recommences, tier 1 investor visa applicants must assume new rules that place significantly more liability on evidentiary obligations and tenser constraints on the kind of asset movement that succeeds under the path.
We will ensure to keep you informed of modifications to the policies once established by the Government.
Are you worried about your Tier 1 investor extension application?
If you are worried about the influence of the interruption on your original or extension application, contact us by commenting below. We can recommend you the best Immigration Solicitors in the business who will help you on the present status of applications and the obligations for eligibility.
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