Foreign entrepreneurs looking to establish themselves in the UK for business or for other reasons could apply for the golden visa program in this country. This involved the Tier 1 UK investor visa and investments of GBP 2 million for many benefits, among which the temporary residency can turn into a permanent one under certain conditions. We invite you to talk to our team of lawyers in the UK and find out complete details about the changes in the Tier 1 investment visa for the UK. You can rely on us for more information on the golden visa program in the UK.
We can also advise on other golden visa countries out of the EU after Brexit.
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The Tier 1 visa for investors in the UK is closed
At the beginning of 2022, the Tier 1 visa will be closed. These were the main requirements for business persons outside the EU and EEA looking for citizenship by investment countries:
- the government bonds, loan capital in active and trading registered companies in the UK are the investments a person can make to obtain the Tier 1 visa;
- the investments in foreign currencies are allowed in the UK;
- if you have created your own company in the UK through investments, you cannot work for another company;
- a foreign investor can spend 180 days outside the UK within a year.
On February 17th, 2022, new applications for the UK Tier 1 Investor visa program, which provided a quick path to citizenship by investment, were no longer accepted. Nonetheless, there may be other options besides settlement and UK citizenship.
It is still possible to apply for a Tier 1 Investment visa extension even if the UK Investor visa scheme is no longer open to new applicants. The following conditions may allow you to renew your Tier 1 Investment visa for up to two years with your dependent family members:
- possess authority over at least £2 million in the UK;
- have used these funds to purchase shares of active UK companies or to make loans to them.
We invite you to read about the golden visa/citizenship by investment in the UK in the scheme below:
What were the benefits of the Tier 1 visa for investors in UK?
Here are the main 3 alternatives to the Tier 1 visa:
- the Innovative visa which grants permanent residence after 5 years of living here;
- the Global Talent visa that targets skilled migrants;
- the ScaleUp visa which will be launched in 2022.
Among the benefits of golden passports in the UK in 2024, we mention that entrepreneurs can travel freely in many countries around the world and can let them develop business partnerships with countries like China or the USA.
Permanent residency in the UK in 2024
Foreigners have the possibility of obtaining a golden visa/citizenship by investment in the UK in 2024 if they apply for any of the new programs presented above. If they decide for naturalization in the UK, they may apply for such status after living here for at least 5 years. However, if they are married to a British citizen, they can apply for naturalization after 3 years. The application for British citizenship is subject to several requirements among which is the UK citizenship test, also known as “Life in the UK test”.
If you want to apply for British golden passports, contact us.
Are there any changes in the Golden Visa in the UK after Brexit?
Yes, at the beginning of 2022, the Golden Visa program was shut. While the StartUp and Global Talent visas are already in place, the ScaleUp scheme is about to be launched.
Can I remain in the UK after obtaining a Tier 1 Investor Visa?
You can apply for ILR (Indefinite Leave to Remain) if you have been a Tier 1 Investor and have lived in the UK continuously for 5 years. You can apply for accelerated ILR after a continuous period of two or three years if you have kept an investment of at least £10 million or £5 million as a Tier 1 Investor. You cannot have spent more than 180 days outside of the UK in any 12-month period during your qualifying 2, 3, or 5 years in order to be eligible for ILR as a Tier 1 Investor. To be qualified for ILR, you must also have a strong command of the English language, unless you are 65 years of age or older.
We invite you to talk to our team of lawyers and find out extra information about golden visa countries and about citizenship by investment in this country. Please contact us soon.