Accelerated Indefinite Leave to Remain as a Tier 1 Investor
In order to qualify for entry clearance or leave to remain as a Tier 1 Investor, applicants will need to satisfy the following basic requirements:
- Have funds amounting to at least £2 million belonging to them, their partner or the two of them jointly;
- The money is held in a regulated financial institution;
- The money is freely transferable to the UK and able to be converted to pounds sterling;
- They have opened a bank account with a UK regulated bank for the purpose of investing not less than £2 million in the UK.
Providing a letter from a UK bank in relation to the last bullet point is often one of the big challenges for initial applications as this needs to be an FCA regulated entity and confirm the purpose of an account opening is for the investment.
Standard Route to Indefinite Leave to Remain (ILR) as a Tier 1 Investor
Normally, a Tier 1 Investor visa grant is for three years, and on a standard route to settlement (relying on £2m investment funds) it is necessary to apply for an extension and be granted a further two years’ limited leave to remain, and after five years in the category it is possible to apply for indefinite leave to remain and become settled. The only qualifying Tier 1 Investor visa investment options are of course share capital and/or loan capital in active and trading UK registered companies and the investment must be maintained until you are settled.
However, it is possible to accelerate the route if desired – for example if residence requirements become too onerous and it will not be possible to live in the UK for five years with absences below 180 days in all 12 month periods.
The accelerated route to settlement as a Tier 1 Investor migrant is after either 3 years (if applicants invest at least £5 million) or 2 years (if applicants invest at least £10 million).
Accelerating the Route to Investor ILR After an Initial Investment of £2million
If an applicant invests £2million following a successful initial Tier 1 Investor visa application, and then later decides to invest an additional £3million or £8million once they have determined whether they like the UK or see their long term future here, it is possible to accelerate their route to settlement.
The accelerated residence period for indefinite leave to remain will be from the date the full £5million or £10million was invested. However, applicants only need to have invested £2 million within 3 months of the specified date (either entry to the UK, or entry to the category), rather than within 90 days of entering the category.
Example
If you entered the UK as a Tier 1 Investor on 1 December 2021, invested £2million on 1 January 2022, and then an additional £8million on 1 June 2022, then you would not be eligible for accelerated settlement until 1 June 2024.
Continuous Residence Requirements
In order to settle in the UK as a Tier 1 Investor, you will need to spend not more than 180 days outside the UK in any rolling 12-month period over the two, three or five year period of residence required.
The following illustrations are to show residence requirements on the route to settlement and citizenship:
5 year route to settlement
ILR
- Years 0-5 absences no more than 180 days in any rolling 12 month period
British Citizenship
- Years 2 – 6: absences no more than 450 days in total;
- Year 5-6: absences no more than 90 days in total
Accelerated Routes to Settlement as an Investor
Applicants investing £10m can apply to settle 2 years after their investment, and applicants investing £5m can apply to settle 3 years after their investment. For the purpose of the below illustrations, it is assumed that the full investment was made immediately upon entry to the category.
3 year route to settlement
ILR following investment of at least £5 million
- Years 0-3 absences no more than 180 days in any rolling 12 month period
British Citizenship
- Years 0 – 5: absences no more than 450 days in total;
- Year 4-5: absences no more than 90 days in total
2 year route to settlement
ILR following investment of at least £10 million
- Years 0-2 absences no more than 180 days in any rolling 12 month period
British Citizenship
- Years 0 – 5: absences no more than 450 days in total;
- Year 4-5: absences no more than 90 days in total
If an applicant intends to become a British citizen, there would not appear to be a great advantage for them to invest £10m over £5m as the higher investment would not normally shorten the residence requirements if they did not have earlier residence in another category. However, if the priority is to settle as soon as possible, then it is beneficial, and of course enables the funds to be withdrawn and invested elsewhere a year sooner if desired.
Contact our Immigration Barristers
For expert advice and assistance in relation to obtaining a Tier 1 Investor visa or applying for settlement as a Tier 1 Investor, please contact our immigration barristers in London on 0203 617 9173 or via the enquiry form below.
