As we enter the final phase of the Brexit withdrawal agreement, the UK has been successfully securing deals with more overseas countries. The outlook for UK business appears promising, with a plethora of deals made by Jeremy Hunt helping to create a secure future for UK international business.
Britain is beating its neighbours when it comes to Foreign Direct Investment (FDI). It is the best in Europe according to the government. Over 500 UK businesses were showcased at the China International Import Expo, including BP, HSBC and global healthcare company GSK. Britain’s imminent departure from the EU has prompted the growth in more overseas trade relationships and the acceleration of China’s and Britain’s friendship. The Chinese government said “Apart from consumer products, the latest British technology is in high demand as China makes a structural shift from a manufacturing centre to a knowledge economy”.
With more Chinese UK Foreign Direct Investment and trade comes more Chinese Tier 1 investor visa applicants. Chinese applicants (32) accounted for the lion’s share of applicants (35%). There was also an increase in Russian applicants (13) on a quarter by quarter basis, despite the introduction of new sanctions. Behind China and Russia, Australia (5), Hong Kong (4) and the United States (4) also came within the top 5 countries of origin for Tier 1 Investor visa applicants. Overall, year on year, the first half of 2018 saw a 17% increase in UK Investor Visa applicants. It is clear that the UK remains an attractive destination among high net worth migrants.
As we approach the end of the year, we await the figures for quarter 3 and quarter 4 Tier 1 investor visas but for the last quarter Chinese applicants have dominated the contenders. By the time we reach the Chinese new year we will have had the 4thquarter results, and with Chinese applications continuing to thrive, the relationship between China and the UK is likely to continue to flourish, whatever the outcome of Brexit negotiations.