The Government closed the Tier 1 Investor visa route to all new applicants with immediate effect on Thursday 17 February. The reason for this is stated to be as a result of security concerns with a number of cases being linked to corruption and illegitimately acquired wealth.
The Innovator route is to be restructured in order to provide an investment route which effectively supports the UK’s economy.
The closing of the Tier 1 Investor route is part of the government’s stated New Plan for Immigration in action, taking a firm approach to those deemed as misusing the immigration system and instead providing opportunities for those who want to come to the UK and comply with the rules.
Enhancements will be made to the Innovator visa route to allow a targeted approach to investors who are needed in the UK.
Holding UK investments will no longer be enough to obtain settlement. Applicants will have to execute an investment strategy that can show genuine job creation and other tangible economic impacts, to be able to apply for settlement in the UK (known as indefinite Leave to Remain).
Further details regarding these changes can be obtained by reaching out to your usual contact in our Global Immigration & Mobility team.