Aspirants for UK residency cannot apply for tier 1 investor visas anymore. Whereas, two new visas (innovator and start-up) have replaced tier 1 UK entrepreneur investor visa. The conditions imposed for these kinds of visas for UK can be explained by our London immigration lawyer. Our team is at your disposal with assistance on immigration matters.
| Quick Facts | |
|---|---|
| Nationalities accepted (EU/Non-EU) | Both |
|
Business investment option (Yes/No) |
For residency by investment in UK, the individuals are required to make an investment of 2,400,000 Euros in the United Kingdom. |
|
Real estate investment option (Yes/No) |
Yes |
| Other investment options (if available) |
– venture capital, – angel finance, – insider finance, – crowdfunding |
| Living requirement in UK (Yes/No) |
2-5 years, according to the invested amount |
| Residence or direct citizenship option |
Yes |
| Direct immigration with family members (Yes/No) |
Yes |
| Family members allowed to join the program |
Yes |
| Residence visa/ citizenship processing time (approx.) |
3-4 months Our team can offer details about residency by investment in UK. |
| Additional financial requirements for family members (Yes/No) | Yes |
| Time frame for obtaining citizenship/ residency by investment |
5 years Our lawyers can offer details about residency by investment in UK. |
| Dual citizenship permitted (Yes/No) |
Yes |
| Reasons to choose UK |
– stable economy, – attractive investment incentives, – close proximity with some of the world’s largest consumer markets |
| Personal income tax rate |
– 20% basic rate for income between £0 and £37,700 – 40% for income between £37,701 and £150,000 – 45% for income over £150,000 |
| Visa free travel to other countries (approx. number of countries) | 139 |
Table of Contents
Does UK offer tier 1 investor visa in 2023?
The UK government closed the tier 1 investor visa in March 2019. This visa allowed wealthy individuals from outside the European Economic Area (EEA) to live and work in the UK if they invested a minimum of £2 million in UK government bonds, share capital or loan capital in UK-registered companies. The decision to close the tier 1 investor visa was made following concerns about money laundering and the source of funds used to invest in the UK.
However, it was decided for those individuals who already had tier 1 investor visas in UK that they can apply for indefinite leave to remain, visa extension, etc. To learn more in this regard, you are welcome to get in touch with our immigration lawyers in UK.
You should also know that there is not any formal UK citizenship by investment program, which means that it is not possible to obtain UK citizenship simply by making a financial investment in the country. To become a UK citizen, an individual must meet certain eligibility requirements, including having lived in the UK for a specified period, passing the Life in the UK Test, and meeting the English language requirements. However, there are certain visa categories, such as start-up and innovator visas, that allow individuals to invest a certain amount of money in the UK in exchange for the right to live and work in the country. While these visas do not lead directly to citizenship, they can be a path toward permanent residency and eventual citizenship for individuals who meet the requirements. If you are interested to apply for UK start-up and innovator visas, please get in touch with our UK immigration lawyers.
Besides this, if you are further interested in a freelance visa, the services of our lawyers are at your disposal.
New types of visas for foreign investors
Tier 1 UK investor visa was replaced with two new types of visas, the UK innovator visa and the start-up visa. These are intended for businessmen who are eager and capable of establishing startups. This is a significant difference from the previous entrepreneur visa. Now, the applicant must have a unique business plan and he/she must have the necessary skills, experience, and market awareness to run the business, as well as evidence of structured planning. This includes the possibility of job creation and expansion into both national and global markets. Please find below general information about these two visas:
UK innovator visa
The innovator visa allows entrepreneurs with innovative and scalable business ideas to establish their businesses in the UK. To be eligible for the innovator visa in UK, an applicant must have an innovative business idea that has been endorsed by an approved endorsing body in the UK. This must be satisfied with the applicant’s business plan that should be innovative, viable, and with growth potential. The applicant must also invest at least £50,000 in his/her business in the UK.
In addition, the applicant must meet the standard requirements for a UK visa, such as passing an English language test, providing evidence of his/her ability to support himself/herself in the UK, and providing a clean criminal record. Successful applicants are initially granted permission to stay in the UK for three years and may apply to extend their stay for an additional three years. After five years, they may be eligible to apply for Indefinite Leave to Remain (ILR) in the UK, which is similar to permanent residency. For more information, get in touch with our UK immigration lawyers.
UK startup visa
The start-up visa allows entrepreneurs with innovative and viable business ideas to set up and grow their businesses in UK. To be eligible for the start-up visa, an applicant must have an innovative business idea with growth potential. The applicant must have an endorsement from an approved endorsing body in the UK, which will assess the applicant’s business plan and confirm that the applicant has the necessary skills, experience, and knowledge to run the business.
Start-up visa applicants are initially granted permission to stay in the UK for two years and may apply to extend their stay for other two years. After five years, they may be eligible to apply for Indefinite Leave to Remain (ILR), which is similar to permanent residence in UK.
Choosing our immigration lawyers in London
Our immigration solicitors in London can offer complete legal support for non-EU/EEA citizens interested in residency by investment in UK. The legal support is recommended and required for properly respecting the eligibility criteria of UK visas. We have a dedicated team of immigration lawyers in London who can provide the needed legal support and advice for citizens interested in relocating to UK without complications. Some visa rejections might appear if applicants do not respect the requirements referring to documents and other formalities. Professionalism, confidence, and efficiency stand at the base of any collaboration with our clients because we want to offer the best possible outcomes right from the start. Our lawyers can help you apply for acquiring residency in UK. Keep in mind that, if you have not applied for the EU Settlement Scheme by June 30, 2021, you will not be able to use your residency card at the border to enter the UK. You might still be eligible to apply to the EU Settlement Scheme if you have not already. If your application is approved, you will be permitted to stay in the UK permanently if you receive established status or for five years if you receive pre-settled status.
Short facts about immigration in UK
According to migrationobservatory in UK, London has the largest number of migrants, around 3,317,000 citizens. Most of the immigrants come from India, Poland, and Pakistan, according to statistics for 2019. Moreover, the main reason for relocating to UK is work, nearly 48% of the total migrants in 2019 relocating to this country for this purpose. Around 34% of EU citizens in UK came for family reunification in the same year. Here are other interesting facts ad figures about immigration in UK:
- More than 87,000 applications for settlement decisions in UK were granted in 2020 for non-EU/EEA citizens.
- In the case of non-EU citizens, around 21% of immigrants came for work purposes in UK in 2019.
- Around 49% of non-EU nationals came to UK for family reunification in 2019.
- About 10% of EU immigrants and 14% of non-EU citizens came for study purposes in UK in the same year.
Would you like to know more about residency by investment in UK and related requirements imposed by the legislation? You are invited to discuss with our team of immigration solicitors in London and discover the legal support we can offer. Contact us and make an appointment with our specialists. Furthermore, if you want comprehensive information about immigration to UK, you can get legal assistance from our lawyers. They can provide you with step-by-step guidance throughout the whole relocation procedure. It includes visa application, document submission, meetings in the embassy, and furthermore. With the legal help of our immigration lawyers, your visa application has more chances of acceptance.
