On March 7th,
2019, UK Visas and Immigration published a statement of changes in immigration
rules. Certain reforms were made to UK Investor Visa (Tier 1), and they
will start to be implemented officially on March 29th, 2019. Just as
usual, there is a 21-day transition period. The applications submitted in this
period will still be processed based on the previous rules.
The changes that will take place in UK Investor Visa
(Tier 1) application are as follows:
1, The GBP 2 million investment should
have been put in the applicant's overseas account for at least 2 continuous
years, instead of 90 days. For those who cannot meet this requirement, they
shall provide the source of funds during application.
2, Applicants are required to provide their investment plans to the UK
Visas and Immigration, which the Home Office will conduct strict assessment on and
decide whether they are eligible or not.
3, The investment can
no longer be put in UK Government Bonds any more. Applicants can only make
investments in corporate bonds, stocks or shares of British active companies.
This adjustment applies to investors who: a) obtain the approval to their
first application after March 29th, 2019; b) apply for visa renewal
after April 6th, 2023; or c) apply for permanent residence after
April 6th, 2025.
4, The supervision of bank is
strengthened. Banks are required to conduct due diligence check and KYC (Know
Your Customer) on applicants.
5, All investments
made by the Tier 1 Visa holders during the visa validity duration are subject
to strict supervision. Rights and obligations of parties under contract signed
in the 5-year residence period, fund flow and the process of changing
investment products shall be in line with the regulations of Financial Conduct
Authority. What is more, all investments must be conducted in the UK.
In the past, UK Entrepreneur Visa (Tier 1)
program did not bring much benefits to the UK economy, due to the full
withdrawal of investment after the 5-year investment period. With
the above reforms, now, the UK is looking forward to seeing actual
economic benefits in the free market.
Click here to talk to our consultants to know more about the UK programs!
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