Brexit Brings Status of Tier 1 Investor Visas Back to the Spotlight
As the shockwaves of Brexit continue to reverberate throughout the UK the future certainly seems a little uncertain, but for some there may be some light among the darkness.
With the UK looking set to leave the European Union in the next few years, investment from overseas will become much more of a priority than it once was.
While those outside of the European Economic Area (EEA) and Switzerland have always had the opportunity to invest in the UK and get a visa, there could now be more emphasis on it. Under the current system, anyone wanting to invest £2 million+ in the can gain a Tier 1 Investor visa if they meet other eligibility requirements.
Tier 1 Applicants on the Decline
The scheme was designed to make it easier for wealthy investors to gain a footing in the UK, but since the minimum stake was increased from £1 million to £2 million in 2014, the number of applicants has dramatically decreased. The annual figures to March 2016 dropped by 80% due to higher fees and competition from other countries.
However, with Brexit meaning possible changes are afoot, the UK could be poised to make Tier 1 investment visas more attractive. In fact, even before Brexit became a reality there were calls from London lawyers to place more emphasis on the Tier 1 system.
Experts Want More Tier 1 Applicantse
In the wake of Lord Paddick’s January call to close the Tier 1 Investor route, we believe that the UK should be working to attract a greater number of businesses which can “put their investments to work”. Fearing that the issue of immigration is being misrepresented for “political folly”, we call for more investment which could help boost the UK economy.
It’s clear the Tier 1 debate is one that goes much deeper than Brexit, but with the UK economy facing an uncertain time we are bound to hear more calls for increased Tier 1 Investor access when Article 50 is triggered.
YDVISAS specialise in all visa categories and are specialist immigration lawyers in the UK. Please contact the expert team at YDVISAS, should you need any professional help with your visa application.