A number of changes have been implemented to the UK Immigration Rules that take effect from 11 January 2018. However, investors considering the Tier 1 Entrepreneur visa will be pleased to hear requirements for this visa have not in themselves been changed though the new guidance clarifies and expands the previous wording.
One of example of this clarification includes new wording that aims to prevent the ‘recycling’ of funds i.e. applicants cannot base their application on funds already ‘used’ by another applicant, or family members. There is also more around the required detail of documentary evidence, and the rules concerning creation of jobs for domestic workers have been clarified.
The real news is that the changes that have been made to the Visa system more generally send a clear signal of The UK’s intent post Brexit to be ‘open for business’. The support for the changes announced in the Autumn Budget 2017 included an increase in the number of Tier 1 Exceptional Talent visas allocated annually to 2,000. This is double the current volume. The additional 1,000 visas will be held separately, in an unallocated pool draw on a first-come, first served basis.
Exceptional talent visa holders (but not exceptional promise visa holders) are also now permitted to qualify for indefinite leave to remain after three years.
Also of note and a move warmly welcomed by the higher education sector, was the introduction of new exemptions to the Resident Labour Market test have been introduced in respect of researcher and reader posts.
These changes underline the UK’s commitment to the global community. The Tier 1 investor Visa remains an attractive proposition for foreign investors compared to similar visa schemes offered Australia Portugal and the USA. Britain is regarded as a top destination and a ‘safe haven’ for global millionaires due to its historical connections, and relativity stable political system and liquid economy. Equally, foreign investors recognise and appreciate that there is very little interference from the UK government in matters of private, individual assets.
If you want to know more about how these visas might help you please get in touch.