Home Office announces changes to Tier 1 Investor visa category from 6 November 2014
In its latest Statement of Changes to the Immigration Rules published today, 16 October 2014, the Home Secretary has announced various changes to the Tier 1 Investor visa category. The changes follow a review by the Migration Advisory Committee.
The Tier 1 Investor category caters for high net worth individuals making a substantial financial investment to the UK. This category was recently reviewed by the Migration Advisory Committee and their report was published on 25 February 2014. The following changes are being made to this category, partially in response to that report:
- The current £1 million minimum investment threshold is being raised to £2 million;
- A change is being made to require the full investment sum to be invested in prescribed forms of investments (share or loan capital in active and trading UK companies, or UK Government bonds), rather than 75% of the sum as at present;
- The current requirement that the migrant's investment must be "topped up" if its market value falls is being removed; instead Tier 1 Investor Migrants will only need to purchase new qualifying investments if they sell part of their portfolios and need to replace them in order to maintain the investment threshold;
- The existing provision under which the required investment sum can be sourced as a loan is being removed.
The changes will apply to anyone applying for a Tier 1 Investor visa from 6 November 2014. Transitional arrangements are being applied, so that Tier 1 Investor Migrants who have already entered the route before these changes are introduced will not be subject to these changes when they apply for extensions or for indefinite leave to remain.
Entry Clearance Officers and UK Visas & Immigration caseworkers are also being empowered to refuse a Tier 1 Investor application if they have reasonable grounds to believe that:
- The applicant is not in control of the investment funds;
- The funds were obtained unlawfully (or by means which would be unlawful if they happened in the UK); or
- The character, conduct or associations of a party providing the funds mean that approving the application is not conducive to the public good.
For anyone considering making an application for a Tier 1 Investor visa soon, our advice is to apply before 6 November 2014. Our immigration barristers in London are available now to advise and assist investors and their family members with applications in the Tier 1 Investor visa category. Contact our immigration barristers direct on 0203 617 9173 or by email to firstname.lastname@example.org