Immigration - High Net Worth Individuals

The Tier 1 (Investor) category is aimed at high net worth individuals (aged 18 or over) who are willing to make a substantial financial investment in the UK. The principal requirement is to demonstrate the ability to invest a minimum of £2 million in the UK.

Once in the UK, the individual must invest their money in share capital or loan capital in active and trading UK-registered companies (ie, ‘qualifying investments’) within three months. Following changes that came into effect on 29 March 2019, it is no longer permissible to invest in UK government bonds as qualifying investments. As a result of these changes, for any individual who obtained their visa before 29 March 2019 who wishes to apply to extend their visa on or after 6 April 2023, their qualifying investments cannot include UK government bonds and planning should be undertaken in this regard. There is also a requirement to open an account with a UK-regulated financial institution (ie, bank or investment manager) for the purposes of making the investment in the UK prior to applying for the visa. In addition, an overseas criminal record certificate must be provided for any country the individual has resided in continuously or cumulatively for 12 months or more in the 10 years prior to their visa application.

Unlike the other visa categories available, there is an exemption for Tier 1 (Investor) applicants from demonstrating English language and financial maintenance requirements. Additionally, the visa allows the individual (and their dependants) to work or study in the UK with few restrictions.

Note that the pre-6 November 2014 visa category will continue to apply to individuals with a Tier 1 (Investor) visa granted before that date. One of the key differences is that under the previous rules, the minimum value category of qualifying investments was £1 million. However, owing to the 29 March 2019 changes, if these individuals wish to apply to extend their visas on or after 6 April 2020, they must meet the post-6 November 2014 requirements (ie, increase their qualifying investments to £2 million). If they further apply to extend their visas on or after 6 April 2023, they must also meet the post-29 March 2019 requirements, (ie, UK government bonds cannot be included in their qualifying investments).

If so, does this programme entitle individuals to bring their family members with them? Give details.

Yes. Individuals are entitled to bring dependants (ie, their children under 18 years of age, or their spouse, civil partner, or unmarried or same-sex partner) with them to the UK. Dependants will normally be granted a visa in line with that of the main applicant, though a separate application form must be completed for each dependant. The overseas criminal record certificate requirement applies to adult dependants.

Does such a programme give an individual a right to reside permanently or indefinitely in your jurisdiction and, if so, how?

Yes. To obtain indefinite leave to remain (also known as settlement), applicants must be continuously resident in the UK for a period of either two, three or five years (if they have invested either £10 million, £5 million or £2 million respectively in the UK). The applicant cannot be outside the UK for more than 180 days in a 12 month period. The way that this is calculated changed in January 2018. For leave granted before 11 January 2018, absences are calculated in separate 12-month periods. For leave granted after 11 January 2018, absences are calculated on rolling basis 12-month periods counting backwards from the date of the settlement application.

Applicants must have sufficient English language ability and knowledge of life in the UK to apply for settlement, unless they are under 18 or over 65.

Applicants must also be able to show that they have maintained their investment throughout the continuous period of residence and that they meet all the other requirements of the Immigration Rules.

Dependants can apply for settlement at the same time as the main applicant under the five-year continuous residence route. However, for the two- and three-year routes, only the main applicant is eligible for settlement after the two- or three-year period, and any dependants must still wait five years. From 11 January 2018, dependant spouses must satisfy the above-mentioned residence requirement (ie, not be outside the UK for more than 180 days in any 12 calendar months in their five-year continuous period of residence). Prior to this date, dependant spouses were exempt from this requirement. This new rule will not apply retrospectively (ie, only post-11 January 2018 absences will be taken into account for the purposes of this requirement). Dependant minor children continue to be exempt from this residence requirement although they are indirectly bound by it, as a key requirement for them to apply for settlement is that both their parents are capable of applying for (or have) settlement status themselves.

Does such a programme enable an individual to obtain citizenship or nationality in your jurisdiction and, if so, how?

The earliest applicants may apply for British citizenship is 12 months after having been granted settlement. In addition, they must be over 18 years, of sound mind and have the intention to continue living in the UK. They must also satisfy the residential requirements, which means that they must have:

• been resident in the UK for at least five years (the residential qualifying period);
• been present in the UK five years before the date of the application;
• not spent more than 450 days outside the UK during the five-year period;
• not spent more than 90 days outside the UK in the last 12 months of the five-year period; and
• not been in breach of the Immigration Rules at any stage during the five-year period.

England & Wales Guide

The England & Wales guide answers the principal questions for Private Clients relating to the law in this jurisdiction.