Uncertainty Around the UK’s Investment Program
In an effort to overhaul the tier 1 investor program, the UK’s Home Office made an announcement about the program’s suspension on December 06, 2018. The suspension was to come into effect a day later on December 07, 2018. However, the Home Office has failed to implement its plan of suspending the program to date. Foreign investors cannot rest assured that current rules will remain unchanged as the Home Office’s spokesperson has reiterated their commitment to reforming the program.
Should the program be reformed, foreign investors would need to conform to strict requirements. In fact, their financial and business interests would be evaluated by an independent auditor. Having control of the investment funds for at least two years should be verified by the same authority as well. In addition, foreign investors will no longer be able to invest in government bonds.
The tier 1 investor program established in 2008 has allowed foreign investors to accelerate their relocation to the United Kingdom and has brought significant economic benefits to the country. Thanks to the investment program as well as other contributing factors (which are beyond the scope of this article), the UK has maintained its position as one of the major players in the world economy. Reports also indicate that more than 1,000 foreign investors were granted UK visas in 2018, fueled by the benefits of residing and investing in the UK as well as political and economic instability in some countries.
Due to the UK’s government’s plan to toughen governing rules, CitizenMatch invites applicants interested in the program to file their residency through investment application at their earliest convenience. We at CitizenMatch understand the sensitivity of each case and our depth of knowledge combined with extensive experience enable us to alleviate your immigration concerns.