This month, Professor Sir David Metcalf the chairman of the Home Office’s migration advisory committee (MAC) has told the Telegraph that high net worth individuals from countries such as China should be encouraged to invest in UK infrastructure or start-up businesses in return for the right to live in Britain . The current scheme allows migrants to invest a minimum of £1 million, predominantly in gilts, to live in Britain but does not give them access to a UK passport. Sir David told the Telegraph that the Government should look at adapting the current visa scheme to benefit fledgling companies or infrastructure projects in the UK.
Professor Sir David Metcalf: Start Up Companies more beneficial to UK
Sir David has said investments in start up companies are more difficult to value but suggested that the Government should adapt the current Tier 1 Investor scheme so that more of the investors’ money benefits companies in the UK, this could potentially help the UK economy more than the current system.
Under the current Tier 1 Investor route, high net worth individuals who want to live in Britain have to prove they have £1m, £5m or £10m to invest in this country — 75 per cent of which must be ploughed into either Government gilts or share capital in UK registered companies.
“We think those [alternative investments] would be much more beneficial to UK plc and there is considerable advantage attached to that, which lots of the stakeholders … wanted, which is to get rid of the topping up rule”.
Increase of Tier 1 Investors Issued to Wealthy Nationals
The rise in investor visas issued to Chinese nationals comes after David Cameron visited Beijing earlier this year on a trade trip and encouraged Chinese entrepreneurs to invest in the UK.
Speaking to a group of businessmen and women, he stated: ‘If you are investing in Britain, invest more. ‘If you are thinking of investing in Britain, come and find us. You will get a warm welcome.’
It also seems that Russian nationals are becoming increasingly successful, with 125 people entering the UK between June 2012 and June 2013 with investor visas. Statisitcs show that investor visas jumped from 423 in 2011-12 to 530 in 2012-13 and in addition to the 530 investor visas, 1,038 visas were issued for applicants’ dependents. Almost 1,600 investor visas were granted to high net worth individuals and their dependants in the 12 months to the end of September 2013.
James Sproule, director of policy at the Institute of Directors (IoD), commented on the current scheme:
“We want people from all over the world to come to invest in the UK, but the Government shouldn’t be using these visas to boost the gilt market, there’s plenty of appetite for British government debt anyway. The IoD would support a change in the visa so all of the investment goes toward boosting British business.”
Successful UK Tier 1 Investor Visa Applications
Our team of experienced and professionally qualified immigration solicitors and barristers will be able to guide you through the process of making a Tier 1 Investor visa application (and applications for your dependants) step by step and limit the possibility of failure by complying with the strict letter of law.
We also undertake a great deal of appeal work before the Immigration and Asylum Tribunal and have a successful track record of successful results for our clients. We have the experience and the knowledge required to take your case forward successfully. If you have had a Tier 1 Investor visa refused, contact us to discuss your case so that we can provide you with a case assessment.
Contact us so that we can review your case and provide you with an assessment.