New immigration opportunities for Islamic Investors
Yesterday, at the World Islamic Economic Forum, David Cameron announced new schemes to encourage investment from the Middle East and the flourishing Islamic investments market.
The plans include a new Islamic index on the London Stock Exchange which bans investing in alcohol, tobacco and gambling, aimed at assisting managers of sharia compliant funds to identify investment opportunities which match their criteria.
Other plans include launching a Sukuk – an Islamic bond – which pays a fixed return linked to the profit generated by an underlying asset, and is therefore Sharia compliant. This could be launched as early as next year.
These changes will add to the pre-existing Islamic products available in the UK offered by over 20 UK banks.
Foreign investors wishing to take advantage of these new schemes in the UK may apply to come to the UK as Tier 1 (investor) Migrants. In order to qualify for entry clearance or leave to remain in this category applicants are required to show that they have money of their own, under their own control, held in a regulated financial institution and disposable in the United Kingdom amounting to not less than £1 million.
Those applying as investors do not need to meet any English Language requirements and there are no maintenance requirements. Those applying from outside the UK will be granted an initial stay of three years and four months with the possibility to later extend their stay.
Leave will have only a few conditions attached; these include a prohibition on having recourse to public funds and a requirement to register with the police. Investors are able to undertake work in the UK if they wish to do so.
Leave may be curtailed within three months of entry in the UK if the applicant has not invested at least £750,000 in UK Government bonds, share capital or loan capital in active and trading UK registered companies and specified documents must be provided as evidence that the investments have been made.
Should you wish to bring family to the UK including children under the age of 18, your spouse, civil partner or unmarried partner they can apply for entry clearance and leave to remain as your dependants.
If you are interested in applying for entry clearance or leave to remain as a Tier 1 (Investor) Migrant, contact Richmond Chambers LLP on 0203 617 9173 or by email info@richmondchambers.com.
