Overseas Investors planning to move to the UK will have to go through tougher tests in the country. The Home Office has announced a number of changes to the Tier 1 Investor Visa. The Visa offers Overseas Investors a pathway to enter the UK. They can live and work in the country. However, they have to invest a minimum of £2 million investment.
The Home Office released a statement on
March 7, 2019. In that, they clearly stated the requirements that the candidates
have to fulfil. Let’s have a look at them.
- The candidate
must prove that they have possessed the required £2 million investment for at
least 2 years - They also have to
provide evidence to prove the same
The threshold of
investment was raised to £2 million back in 2014. Since then the UK has seen a rapid increase in
the number of Overseas Investors. Most of the applications came from Chinese
Immigrants, as quoted by verdict.co.uk. More than 10 applications came from the
UAE.
More than 1500 applications have rejected
to date. This resulted in a review in November 2018. It revealed that there
have been major tax irregularities. The UK has toughened its rules on money
laundering. This also had an effect on the rejection of applications.
The Treasury Committee has published a
report on the money laundering. It
showed that there should be stricter rules against the crime. Weaknesses
have been found in areas like property transactions and registrations.
Nicky Morgan, the Chair of the Committee
expressed his views on the same. According to him, the published report has
made a number of recommendations. The
suggestions include various areas like real estate, financial sanctions, and company’s
house. According to the Committee, organizations should carry out
Anti-money Laundering checks. This will help deal with the crime.
The Home Office is planning to launch 2
new Investor Visas. They would be meant for Overseas Entrepreneurs.
Inexperienced Overseas Investors can avail of the new Start-up Visa to set up a
business in the UK. The Innovator Visa, on the other hand, would be for the
experienced Overseas Investors.
The Start-up Visa
would replace the existing Tier 1 Graduate Entrepreneur Visa. The Tier 1 Entrepreneur Visa would be
replaced by the Innovator Visa.
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If
you are looking to Study, Work, Visit, Invest or Migrate to UK,
talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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