Investor Visa and The High Net Worth Individual
For high net worth individuals who are looking to relocate to the United Kingdom, the Tier 1 Investor Visa is an option to look at. To be eligible for this category, it is necessary for individuals to invest the minimum of £2 million into Home Office investments. By taking this route, individuals are entitled to bring family members into the UK as their dependants and gives them the right to study or work in the country.
There are many requirements which must be met but the key is that the applicant have from £2 million plus, either in their own name or that of their partner, to make specific investments within the UK. The funds do not have to be in sterling so long as the foreign currency amounts to the sterling equivalent. One note of importance is that certain countries have governing restrictions on the amount of currency which may be transferred, so the applicant needs to ensure that the minimum amount required can be successfully transferred to the UK.
Individuals that intend to invest £2 million or more need to be eligible to qualify for “settled status” (Indefinite Leave to Remain) after having spent five years continuous residence in the UK as an investor. As long as all requirements are met at the time of application, individuals investing under £5 million or £10 million will be fast-tracked to “settled status”.
To attain settlement status, the applicant must not live outside of the UK for more than 180 days in a 12-month period. To obtain citizenship, the rules which apply are slightly different. For dependant family members, there is currently no absence requirement needed and as long as they meet all the other requirements there is nothing to stop them achieving “settled status” after 5 years. If the main applicant needs to be absent from the UK for a longer period than the stipulated 180 days, then the visa may be renewed by way of extension. However, by doing so, may affect the applicant’s eligibility for Indefinite Leave to Remain status.
An application is usually made from overseas, either from the country of nationality or a country where the applicant holds legal residence. At times an applicant is able to make an application from within the UK whereby criminal record checks covering the prior 10 years are carried out on the main applicant and any adult dependants.
Clay and Porter Solicitors have a dedicated and experienced team who can assist with investor visas, so, if you need clarification in relation to your Tier 1 Investor Visa do not hesitate to get in touch with us.