The UK Investor Visa programme is in need of reform. And while it can be of great benefit to applicants it offers little of value to the UK. We expect to see reform in the coming years and we hope the UK government can achieve success similar to other well run programmes throughout the world that we are actively involved in and that have made positive contributions to their economies and the welfare of their citizens. This includes the likes of the USA, Antigua, Dominica and Portugal. At the point we will be able to help clients directly but until then our consultants at La Vida will be happy to recommend alternative advisors to help clients with the UK Tier 1 programme or advise suitable alternatives.
Contact our advisors for further details.
Investors seeking a residency visa for the UK can consider the Tier 1 investment visa. This requires an investment of £2 million and allows temporary residency in the UK for the investor and their immediate family. This residency lasts for 3 years and 4 months and applicants can apply to extend this residency a further 2 years. Investors can then apply for indefinite leave to remain after 5 years and British citizenship after 6 years. There is no direct UK citizenship by investment programme.
The UK government closed the Tier 1 UK Entrepreneur Visa in March 2019 and replaced it with the UK Innovator Visa and Start Up Visa. These visas are designed for genuine entrepreneurs who are willing and able to build innovative businesses that are endorsed by a registered endorsing body in the UK.
This is a key distinction from the previous entrepreneur visa. The applicant must now have a genuine and original business plan. It must meet new or existing market needs creating a competitive advantage. Applicants must have the necessary skills, knowledge, experience and market awareness to successfully run the business and there must be evidence of structured planning. This will include the potential for job creation and growth into national and international markets.
The Startup category is designed for high potential, early stage entrepreneurs.
The UK Innovator category is designed for more experienced business people.