Significant rise in UK investor and entrepreneur visas granted

Figures released today by the Office for National Statistics reveal a sharp increase in the number of UK investor and entrepreneur visas granted during the first and second quarters of 2014.

In the 3 months from January to March 2014, a total of 213 applications for entry clearance in the Tier 1 Investor visa category were approved by the Home Office (representing a significant increase from the 128 investor visas granted in the previous quarter). In the second quarter of 2014, this figure rose further still, with a total of 253 applications for entry clearance in the Tier 1 Investor category being approved by the Home Office between April and June 2014 (almost double the number of investor visas granted in the last quarter of 2013).

Meanwhile, in the first 3 months of 2014, a total of 262 applications for entry clearance in the Tier 1 Entrepreneur category were approved (representing only a modest increase from the 259 entrepreneur visas granted in the last 3 months of 2013). However, between April and June 2014, a total of 293 applications for entry clearance in the Tier 1 Entrepreneur category were approved, again revealing a substantial rise.

Of the 466 investor visas granted in the first six months of 2014, over 68% were awarded to citizens of China and Russia. Chinese citizens accounted for 199 of the successful investor visa applications (188 from mainland China and 11 from Hong Kong), with citizens of Russia being granted a further 119 investor visas.

Of the 555 entrepreneur visa applications approved between January and June 2014 however, only 77 entrepreneur visas were awarded to citizens of China, with citizens of Russia claiming a further 28 entrepreneur visas. A further 134 UK entrepreneur visas were granted to citizens of Pakistan, whilst citizens of India made a further 44 successful entrepreneur visa applications during the period.

The latest immigration statistics also reveal that whereas 90% of all investor visa applications were approved in the second 3 months of 2014, with a refusal rate of just 10%, the refusal rate for entrepreneur visa applications stood at a significant 42%.

For advice or assistance with preparing an application for entry clearance, leave to remain or settlement in the UK in either the Tier 1 Investor or Tier 1 Entrepreneur category, contact our immigration barristers in London on 0203 617 9173 or by email to info@richmondchambers.com