Last week it was reported that there was a surge in the number of UK visas issued to wealthy foreigners from outside the EU; in particular to Chinese nationals who were arriving in the UK with a Tier 1 Investor visa. It has been reported that the number of wealthy business people taking advantage of the investor visa programme increased by a quarter with 171 wealthy Chinese nationals applying for a visa in 2012/13. This is an increase of 80% on the previous year. The investor visa allows nationals from outside the EEA to live in the UK while investing in UK companies.
Increase of Tier 1 Investors Issued to Wealthy Nationals
The rise in investor visas issued to Chinese nationals comes after David Cameron visited Beijing last month 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.
Advantages of UK Tier 1 Investor Visa
The UKÂ continues to be an attractive destination and a safe haven for global millionaires due to historical links and benefits of a stable, liquid economy, political stability and being largely free from government interference in private individual assets.
The UK Tier 1 Investor route has become attractive due to the fact that the applicant does not need to show evidence of maintenance nor demonstrate that they meet the English language requirements.
The visa can be granted for three years and individuals can switch into this category whilst already present legally in the UK. If an applicant is successful under the points-based system, they are allowed to bring dependants (children under 18 years of age, a husband, wife, civil partner, or unmarried or same-sex partner) to the UK, as long as they are given entry clearance or permission to stay (known as ‘leave to remain’).
UK Tier 1 Investor Visa: Long Term Benefits
The route has been designed to allow high net worth individuals to make a substantial financial investment in the UK and such investors are rewarded for their financial contribution by having an escalated route to Indefinite Leave to Remain (ILR):
For those individuals investing the amount of £1 Million, they may be eligible for ILR after five years (provided that they have invested £1,000,000 in the UK). However if an individual has the amount of £5 million (money of their own) under their control in the UK, they are able to apply for ILR after the investment has been in place for three years. In addition to this, if an individual has the sum of £10 million (money of their own) under their own control, they are be able to apply for ILR after the investment has been in place for at least two years.
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.