This year the UK has seen a 46% increase in the number of wealthy individuals prepared to invest £2 million into the UK economy, often referred to as the ‘golden visa’.
The rise in percentage was calculated based on figures from the previous year, which showed that more than 400 individuals applied for the Tier 1 Investor visa. The scheme allows those who invest £2 million into the British economy to remain in the UK for 40 months, with the opportunity to apply for settlement and British citizenship thereafter.
A detailed study on the origin of the high-net-worth individuals coming into the UK in the last 12 months showed that 123 came from China, 52 from Russia, and 24 from Turkey, a rise of 26%, 46% and 85% respectively. The increase in applications came despite Theresa May’s Government introducing new, stricter rules in 2015, to avoid money laundering and corruption rooted through the country under the visa scheme for high-net-worth individuals. It’s interesting to note that the Investor Visa Scheme has fared extremely well despite the existence of second citizenship options provided by other EU countries such as Malta and Cyprus to name but a few.
Whilst there may have been a harsh crackdown on those applying under the Tier 1 Investor scheme as well as some delays in issuing documents for immigrant investors, Edwin Coe’s highly experienced Immigration team is able to resolve such issues.
Should you have any questions in relation to the Tier 1 Investor visa category, or should you require any assistance with applying for the scheme, please contact Dhruti Thakrar – Head of Immigration or any member of the Edwin Coe Immigration team.
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