Personal Immigration

Tier 1 Investor Visa: The New 2 Year 'Requirement'

It has been widely reported that from 29 March 2019, new Tier 1 Investor visa applicants will need to have held their investment funds for at least 2 years prior to the date of application.  But is this correct?

The current 90-day ‘requirement’

Currently, paragraph 64 of Appendix A to the Immigration Rules states as follows:

64. In the case of an application where Table 7 applies, points will only be awarded if the applicant:

(a) has had the money referred to in Table 7 for a consecutive 90-day period of time, ending no earlier than one calendar month before the date of application, and provides the specified documents in paragraph 64-SD; or

(b) provides the additional specified documents in paragraph 64A-SD of the source of the money.

Because sub-paragraphs (a) and (b) of paragraph 64 of Appendix A are expressed in the alternative, Tier 1 Investor visa applicants are currently required to either hold their investment funds for at least 90 days prior to the date of application, or, if they have held their funds for less then 90 days, provide one or more mandatory items of specified evidence to prove the source of their funds.  In other words, under the current Immigration Rules, there is no requirement to have held investment funds for a full 90 days.

The new 2-year ‘requirement’

Looking ahead, according to Statement of Changes to the Immigration Rules HC1919 published last week, the only change that will be introduced to paragraph 64 on 29 March 2019 will be as follows:

A28. In paragraphs 64 and 64-SD, for “90-day”, substitute “2-year” in each place it occurs. 

This means that from 29 March 2019 the revised paragraph 64 will read as follows:

64. In the case of an application where Table 7 applies, points will only be awarded if the applicant:

(a) has had the money referred to in Table 7 for a consecutive 2-year period of time, ending no earlier than one calendar month before the date of application, and provides the specified documents in paragraph 64-SD; or

(b) provides the additional specified documents in paragraph 64A-SD of the source of the money.

It can be seen from the foregoing that the two alternatives in paragraph 64 (a) and (b) will survive after the new investor visa rules are introduced on 29 March 2019.  Therefore, it is not strictly correct to state that Tier 1 Investor visa applicants will be required to have held their investment funds for 2 years.  In fact, it will still be possible to apply for a Tier 1 Investor visa where the investment funds have been held for less than 2 years prior to the date of application provided that mandatory evidence of source of funds as set out in paragraph 64A-SD is provided as part of the application.

This position is further supported by the fact that the Statement of Changes do not propose any amendments to the specified evidence of source of funds requirements set out in paragraph 64A-SD of Appendix A.

That it will still be possible to apply for a UK Tier 1 Investor visa in circumstances where investment funds have been lawfully received within the last 2 years, perhaps by way of a gift, inheritance or sale of an asset, will be welcome news to those who may have thought that they would no longer qualify.

Contact our Investment Immigration Barristers

For expert advice and assistance in relation to an application for entry clearance, leave to remain or settlement as a Tier 1 Investor, contact our investment immigration barristers in London on 0203 617 9173 or complete our enquiry form below.

 

SEE HOW OUR IMMIGRATION BARRISTERS CAN HELP YOU

To arrange an initial consultation meeting, call our immigration barristers on 0203 617 9173 or fill out the form below.

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