Tier 1 Investor now £2 million – Breaking News
As of 6 November 2014, applicants for the Tier 1 Investor visa will now require a minimum of £2 million in cash savings to make their application. The key changes commencing on 6 November 2014 are:
- £1 million increases to £2 million.
- Instead of investing 75%, the whole £2 million needs to be invested (within 3 months from the grant of visa).
- In general there is no requirement to ‘top up’ if the market value of the investment falls.
The permitted investment activities remain the same: UK Government bonds, share capital or loan capital in ‘active and trading UK registered companies’.
Those that have obtained their Tier 1 Investor visas before 6 November 2014, is subject to the £1 million investment requirement, not the new £2 million.
In what mirrors the Tier 1 Entrepreneur (£200k) ‘genuine entrepreneur requirements’, the Entry Clearance Officer will also be empowered to refuse a Tier 1 Investor application if they believe:
- The applicant is not in control of the investment funds;
- The funds were obtained unlawfully (or by means which would be unlawful if they happened in the UK); or
- The character, conduct or associations of a party providing the funds mean that approving the application is not conducive to the public good.
Maxwell Alves Solicitors believes the Home Office are likely to conduct more stringent checks on the source of funds and may raise additional questions during the application consideration stage (i.e. after the application is submitted).
Maxwell Alves Solicitors is a leading immigration law firm. In February 2014, and subsequently May 2014, we correctly predicted this £2 million would occur before the end of 2014. Since February 2014, we have been invited as guest speakers to international banks in UK to give educational seminars on the Tier 1 Investor changes. In October 2014, our Senior Partner, Dr Alan Ma, was selected by Legals Finest as their sole leading UK Immigration Law expert. Immigration Law is a metamorphic category of law and applicants are advised to seek legal advice from qualified experts.