U.K. makes changes in Tier 1 (Investor) category

The U.K. has recently made certain changes as per the Statement of Changes to the Immigration Rules: HC 2631, that was published on September 9, 2019. These changes have been in effect from October 1, 2019.

As per the Explanatory Memorandum published alongside HC 2631, the following changes were made to –

• The EU Settlement Scheme
• Application routes for various administrative reviews
• The Dublin Arrangements (to be effective following Brexit)
• Certain visa categories and the description within the visa categories

While the changes can be considered to be minor, they are nonetheless important amendments that should be taken due note of.

Here, we will be looking at the changes in Tier 1 (Investor) category that came into effect from October 2019.

Tier 1 (Investor) category is for high net worth individuals that are making an investment of a minimum of £2 million in the U.K.

The following changes are made in the Tier 1 (Investor) category by HC 2631 –

• Changes that had been made in March 2019 to the closing dates are now being made more flexible to allow applicants to make settlement or extension applications even after these dates. However, this will be allowed provided those applicants move their qualifying investments out of U.K. government bonds before either April 6, 2023 (in extension applications), or April 6, 2025 (in cases of applications for settlement).
• Those investors that fail to meet the deadlines will be allowed to apply for further settlement and extensions, provided they meet the two conditions of – investing the entire amount of £2 million in qualifying investments before applying for extensions, and of maintaining the complete £2 million investment for the specified qualifying period needed for settlement.
• The changes incorporated in March 2019 increased the period for which the applicants had to provide evidence of funds availability. This period was increased from the then-existing 90 days to 2 years. As some references were missed in March 2019 changes to the rules, the same were corrected herewith.
• A drafting correction incorporated to correct an outdated reference to the definition of a regulated financial institution.

Any of the Tier 1 (Investor) applicants that had submitted their visa or residence permit application prior to March 29, 2019 can invest in gilts (fixed-interest loan securities that are issued by the U.K. government), but they must – extend the same by April 5, 2023, and apply for Indefinite Leave to Remain (ILR) by April 5, 2025.

For applications made after the dates mentioned, gilts will no longer be regarded as qualifying investments.

If any applicant has to apply for an extension either on or after April 6, 2023, the applicant must move to other qualifying investments such as shares or loan capital on or before April 5, 2023. Failure to do so will make them unable to make use of their investment for extending their visa in future.

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