Number of Immigrant Applicants for Tier 1 Investor Visa increase
September 17, 2018

Number of Immigrant Applicants for Tier 1 Investor Visa increase

Tier 1 Investor Visa receives a good response from Immigrants

Some anticipated changes in the US E.B-5 immigrant investor visa make the UK an attractive opportunity for investment for the rich. Tier 1 investor visa applications made by these rich immigrants increased by 46 percent in 2017. Moreover, presently the Home Office is making concentrated efforts in this investor visa route.

The Policy has a huge impact

Making application process difficult for Tier 1 Investor visas may delay wealthy investors.  Alternatively, the Government is not interested to permit the entry of persons who gain a fortune by using illegal ways overseas.

An issue to tackle is regarding this visa.  Is it the ideal visa for the rich to apply?  Furthermore a few immigration advisers are obsessed with it and also charge an exorbitant fee for it. They also fail to consider other options.

Recently, the British government went for a reviewing of the status of several wealthy immigrants. There was delay in many cases and the shining example is that of billionaire Roman Abramovich, the owner of Chelsea Football Club.

Statistics regarding growth

Additionally for the year ending on 30 March, 2017, in the last 12 months 405 High Net worth and Ultra-High Net worth overseas Nationals submitted an application for Tier 1 Investor Visa to enter the Kindom. This special program permits persons to reside in Britain for three years, when they make an investment of £2 million.

Investor Visa Dynamics

This Golden visa is a way of rich, overseas nationals to ‘buy their UK citizenship. Among the applicants, 123 were Chinese, 52 Russians and 24 from Turkey. The recent overall developments in Turkey, Saudi Arabia, Russia and China have impacted on the wealthy individuals, encouraging them to seek the United Kingdom residency. Furthermore, President Trump is following an immigration policy which deters the wealthy individuals from making an investment in the US. There are talks of scrapping the EB-5 immigrant investor visa program also.

Politics is uncertain 

An investment in the UK is a great financial opportunity. It has the advantages of the prevalent culture in the Kingdom and London. Moreover, it has a thriving private education system. These factors are contributing towards increasing the number of HNWs investors.

Brexit causes Tier 1 Investor Visa delays

The backdrop of Brexit, the immigration in the United Kingdom, and the hostile immigration policy, are causing a delay in renewal or extension of their visas. These collectively damage the UK, and also deter immigrant investors. The economy suffers as a result. When there is reduction in foreign investment it leads to shortfall and consequently, the UK will not be in a position to compete in the world economy.

Visa renewals are also complex, involving multiple assets and corporate structures. Nothing should lead to the exodus of super-rich of UK visa holders. Mr Abramovich presently is an Israeli citizen and has moved away from a £1 billion redevelopment of football stadium, at Chelsea.

A tough approach

The UK government has adopted a tough approach towards rich Russians who hold a Tier 1 Investor Visa. Furthermore, the Salisbury spy nerve-agent poison case has also created negativity. Russian tycoons now need to prove that funds with them are not the result of any dirty money.

In case some other wealthy individuals get a similar treatment like Abramovich, a mass exodus of rich overseas nationals is not far. It will lead to a potential loss of £1.4 billion in UK investments, and the tax revenues also.

Stay connected to Zentora News to know the latest updates on the upcoming Tier 1 Investor Visa and UK Immigration News.

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