The UK’s Tier 1 Investor Visa is popular among investment immigrants seeking fast-track permanent residence in the UK. Approved investments of £2 million or higher will entitle the applicant to leave to remain in the UK for three years and four months.
Continued compliance with investment norms will result in grant of indefinite leave to return after a period of five years. Higher investments of £5 million and £10 million result in grant of indefinite leave to remain in three years and two years respectively. All permanent residents can seek naturalization only after residing in the UK for a period of five years.
One rarely-discussed benefit of the UK Tier 1 Investor Visa is the fact that applicants are allowed to spend up to 180 days outside the UK without impacting their right to apply for permanent residence.
This feature of the UK investment immigration program offers significant benefits to applicants who may have businesses and investments outside the UK. The 180-day relaxation is significantly higher than what other programs allow. However, this benefit can have a negative impact on the presumption that fast-track residence to wealthy migrants will result in indirect financial benefits to the UK economy.
When recommending a 100% increase in the minimum investment requirement from £1 million to £2 million last year, the Migration Advisor Committee had acknowledged the economic benefits accruing from wealthy migrants who stay and spend their money in the UK. Allowing Investor Visa holders to spend up to 180 days abroad can result in lower indirect and incidental benefits for the UK.
Demand for this Visa has fallen significantly with only 434 visas issued in the first six months of 2015 as opposed to issue of 2074 visas to investors and their families between July 2013 and June 2014.
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