Home Office announces changes to the UK Investor category effective from 6 April 2015.
Yesterday the Home Office announced further sweeping changes to UK immigration law in a new Statement of Changes.
There are three changes to the investor visa category.
Firstly the minimum age has been reduced from 16 to 18. This follows the November 2014 changes, which introduced a minimum age of 16 where previously there was no minimum age set.
Secondly, a new requirement is introduced that requires an applicant to have a UK bank account opened before they can apply for the investor visa. A letter from the bank must be provided which confirms the account has been opened for the purposes of the investment.
Finally, Changes are being made to the requirement for applicants to maintain their investments. The changes will mean applicants will no longer need to invest additional capital if they sell part of their investments at a loss, but they will be required to maintain all their capital within their investment portfolios. Buying and selling investments will continue to be permitted, providing the investor does not withdraw any capital.
These changes will apply to any application made after 6 April 2015.
We will be providing further detail on these new rule changes shortly. Watch this space.