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Tier 1 (Investor) Visa – Latest Statistics and Technical Changes

24 August 2018 Jack Freeland Business Immigration

The Home Office, yesterday, released their latest immigration statistics for the second quarter of 2018. Following on from our earlier post on the popularity of the Tier 1 (Investor) route recently and in the first quarter of this year, we look at whether the trend is continuing throughout 2018. This article will also highlight the recent technical changes for Tier 1 (Investor) applicants that came in to force on 06 July 2018.

Q2 statistics

The latest statistics reveal that a total of 92 Tier 1 (Investor) visas were granted in the second quarter of 2018, down 4% from the 96 that were issued in Q1. However, this figure still represents an 8% increase in the number of visas that were granted during the same period last year and a year-on-year increase for the first half of 2018 of 17.5%.

Continuing the trend from previous releases, Chinese applicants represented a large proportion of those applying under the investor scheme at 35%, followed by Russian applicants don’t seem to be put off by any of the recent sanctions and public outcry following the Salisbury poisoning.

As we noted in our earlier post the changes to the dependant requirements did not put applicants off in the Q1 of 2018, and it seems that their dependants are still equally as keen to come to the UK. There were 143 dependant visas issued in Q2 of 2018, which represents a total of 301 dependant visas being granted in 2018 so far. This brings a year-on-year increase of 41%. Clearly, the UK investor programme remains attractive for high net worth migrants.

Changes to the Tier 1 (Investor) route

It is also worth nothing the recent technical changes that came in to force with the Statement of Changes in Immigration Rules (HC1154) on 06 July 2018. The accompanying guidance explains the changes:  

7.11. The Tier 1 (Investor) category is for high net worth individuals making an investment of at least £2 million in the UK. The following changes are being made to this category:

  • Applicants are required to maintain their investments. A change is being made to clarify that, while applicants may withdraw interest and dividend payments generated by their qualifying investments from their portfolios, they may not do so if these were generated before the applicant purchased the portfolio.
  • As evidence of their investment, applicants must currently submit portfolio reports signed off by a financial institution regulated by the Financial Conduct Authority. A technical change is being made to require institutions to confirm that the funds have only been invested in qualifying investments, and that no loan has been secured against those funds. This change will put a further obligation on financial firms to scrutinise the suitability of applicants’ investments, in addition to their own due diligence.

Our solicitors regularly consult with Tier 1 (Investor) applicants looking for assistance with investing and immigrating to the UK. If you would like further assistance with your Tier 1 (Investor) application, please contact us for comprehensive, fully up-to-date advice.

 

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