On 29th March 2019 the Home Office announced the abolition of the Tier 1 Entrepreneur in place of the Innovator visa, which is aimed at more experienced businesspeople with innovative, viable and scalable proposals supported by an endorsing body.
However, the new Innovator visa category is not fit for purpose or operational.
It seems to be the case that many of the endorsing bodies are not yet ready to accept endorsement applications from new applicants. The onus on the endorsing bodies may be too great and the 6, 12 and 24 month checkpoints may be too challenging.
The UK government hoped that the new Innovator visa would encourage economic growth in the country, particularly in the tech sector.
Under the freedom of information act, the Home Office has confirmed that there have been zero applications for the Innovator visa since it came into effect one month ago on 12th April 2019.
The new Innovator category is therefore preventing migrants from being able to invest money into the UK economy at a time of economic and political uncertainty, where the UK should be open and accessible for those wanting to start businesses.
The only real way to invest in the UK has been via the Investor visa, which calls for a £2m investment requirement – an impossible amount of money for most people.
However, the Cyprus citizenship program brings a fantastic alternative option, providing total freedom to live, work and study in the UK and across the EU. Of the EU citizenship programs, the Cyprus citizenship program offers the most simple, fast and efficient way of obtaining a dual citizenship without any residency requirements, for both the investor and their family.
Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the EU & the Caribbean.
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected] or call +44 207 292 2977.
