United Kingdom: Tier 1 (Investor) Route Suspended
February 18, 2022
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At a Glance
- Effective February 17 at 16:00 local time, the United Kingdom’s Tier 1 (Investor) visa scheme closed to new applications due to security concerns.
- Foreign nationals currently holding Tier 1 (Investor) visas will be able to apply for extensions of their visa under this category until February 17, 2026 and, if eligible, to apply for Indefinite Leave to Remain until February 17, 2028.
- Individuals seeking to obtain work and residence authorization through investment will no longer be able to do so in the United Kingdom.
The situation
Effective February 17 at 16:00 local time, the United Kingdom’s Tier 1 (Investor) visa scheme closed to new applications due to security concerns.
Background
- Visa Details. The Tier 1 (Investor) scheme was launched in 2008. In order to qualify, individuals were required to invest at least GBP 2 million in the United Kingdom. If their visa applications were approved, they were then eligible to reside and work in the United Kingdom with their family members and were eligible to apply for indefinite leave to remain after five years.
- Prior reviews of visa scheme. The visa scheme was previously reformed in 2015 and 2019 to change the investment criteria and enhance the source of wealth checks.
A closer look
- Extensions. Despite the visa category closing to new applicants, foreign nationals currently holding Tier 1 (Investor) visas will be able to apply for extensions of their visa under this category until February 17, 2026.
- Indefinite leave to remain. If eligible, foreign nationals holding Tier 1 (Investor) visas can apply for Indefinite Leave to Remain until February 17, 2028.
- Review of current visas. The government is also reviewing the Tier 1 Investor Visas granted to foreign nationals prior to the 2015 and 2019 reforms.
Impact
Individuals seeking to obtain work and residence authorization through passive investment will no longer be able to do so in the United Kingdom.
Looking ahead
The government is expected to publish a report on the Tier 1 (Investor) visas granted prior to the 2015 and 2019 reforms. Fragomen will report on any relevant developments.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
