As of 2020, the Tier-1 Investor visa program has helped around 9,500 wealthy investors around the world qualify for fast-track indefinite leave to remain in the United Kingdom.
With minimum investments ranging between £2 million and £10 million, that’s a minimum of £1.9 billion in foreign investments in the UK since 2008.
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About the Tier-1 Investor Visa
One of the pricier investment immigration programs, the Tier-1 Investor visa offers permanent residence or indefinitely leave to remain (ILR) in the UK in just five years for those investing at least £2 million.
An investment of £5 million leads to ILR in just five years while those opting for the £10 million can qualify for permanent residence in just two years.
The visa is issued for a period of three years and four months and investors can apply to extend the visa for an additional two years.
Why is the Tier-1 Investor Visa So Popular?
The UK Tier-1 Investor visa has had its share of controversies and criticisms. Yet, this program, despite its expensive price tag, has been extremely popular among high net-worth individuals across the globe.
A developed country with a strong and vibrant financial system that’s located close to the European Union makes the UK a natural destination for any international entrepreneur or professional.
For the investor’s family, the UK is a great destination for study with attractive post-graduation work and business prospects. A high standard of living with easy access to some of the most popular vacation destinations of the world makes it a great place to settle.
Demand for the Investor Visa
China and Russia account for more than 6,600 UK Investor visas. China tops the list with more than 4,100 visas followed by Russia with more than 2,500 Tier-1 investors.
Hong Kong is a distant third with 692 visas while the US is a surprising fourth with 685 citizens choosing to settle in the UK. Pakistan, Kazakhstan, and India are next on the list with 283, 278, and 254 wealthy citizens opting for the Investor visa respectively.
Three Middle-East countries – Saudi Arabia, Turkey, and Egypt – complete the list of top-ten countries with the highest demand for the UK’s investment immigration program.
Investor Visa: the Way Ahead
For a long time, Britain’s exit from the EU had clouded the visa. With Brexit a done deal, investors have total clarity on the benefits and advantages of settling in the UK.
Golden visa programs in the EU have always been the target of intense interest. The UK program is not a conventional golden visa because of tougher physical presence requirements. Still, authorities have tried to be proactive in preventing the program’s misuse.
Reforms were introduced in 2015 and again in 2019 after concerns of poor due diligence over verification of source of funds and lack of rigorous checks by banks and financial institutions before accepting foreign investments.
With the pandemic’s impact on the global economy likely to be felt for a long time ahead, demand for the Investor visa is expected to remain strong.