The Tier 1 Investor visa route allows individuals and their family members (spouse and children under the age of 18) to come to the UK to live, work and study.
The Tier 1 Investor visa requires the applicant to invest a minimum of £2 million into UK qualifying investments. The £2 million can be invested into public or private companies by way of share or loan capital. There are certain restrictions on how the funds can be invested, including a prohibition on investments in property and companies mainly engaged in property investment, management or development.
As part of the application, the applicant will need to demonstrate the source of the funds used for the application. The applicant will also need to demonstrate the funds are wholly under their control on the date of application.
Whilst the funds do not necessarily need to be in the UK on the date of application, they must be freely transferable to the UK. Furthermore, the applicant must have opened an account in the UK with a regulated financial institution.
The documents required for the application vary greatly depending on the applicants’ circumstances. Legal advice should be sought to ensure that the correct documents and information is provided to the Home Office.
Individuals and their family members who come to the UK as Tier 1 Investors may, after a period of residence in the UK, qualify for Indefinite Leave to Remain (“ILR”) and subsequently British citizenship. The period of residence required for the main applicant to potentially qualify for ILR depends on their level of investment. Applicants who invest £2million may qualify after five years of residence, applicants who invest £5million may qualify after three years of residence and applicants who invest £10million may qualify after two years of residence. There are additional requirements that the applicant must satisfy to qualify for ILR.
The application for a Tier 1 Investor visa should normally be made from the country where the applicant is normally resident. However, in some cases, if the applicant is already resident in the UK, holding certain visas (such as a student visa), may enablethem to switch to the Investor category from within the UK.
Processing times for the Tier 1 Investor visa depend on where the application is made from and whether a priority service is available and purchased.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.