Number of UK Investor Visas Issued to Wealthy Foreigners Rises to a Five-Year high
A Tier-1 investor visa sets applicants back at £2 million, yet the Home Office reports the rise in applications. By the middle of 2019, the UK officials granted Tier-1 visas to 255 people - a maximum half-a-year showing since 2014. Just four applicants had their visas rejected, according to the Home Office.
Since the investment scheme was launched in 2008, the UK welcomed 11,000 affluent people, mostly from China and Russia. Now, under the new stricter rules, applicants are obliged to invest a minimum of £2 million in UK businesses and prove legitimate access to the investment funds for two years. Should applicants retain their investment for a term of five years, they’ll be able to apply for Indefinite Leave to Remain (ILR) and citizenship.
The Home Office comments that the Tier-1 route was revamped to keep off illegal funds and make sure only law-abiding investors obtain their right to stay in the UK. The reform is also aimed to boost British businesses that thrive from foreign investment.
Recently, the plummeting rate of the British pound has impacted the rise in the number of Tier-1 applications. It’s now cheaper to invest in the UK economy. Besides, many applicants stick to the traditional values and wish to secure high-quality education for their children. Brexit or not, the UK schools will never cease to attract high-net-worth individuals and their families.
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