On 6 November 2014 the Home Office raised the minimum amount that Tier 1 (Investor) Migrants had to invest in the UK from £1 million to £2 million.
Those who had already entered the UK in that category and invested £1 million under the rules in place prior to 6 November 2014 were not required to increase the level of their investment and were able to apply for Indefinite Leave to Remain in the UK (“ILR”), provided they met the relevant requirements and maintained their investment for the required period. Alternatively, £1 million investors were able to keep extending their leave every two years.
Following the changes to the Immigration Rules made by the Home Office on 29 March 2019, Tier 1 (Investor) Migrants who hold leave under the rules in place prior to 6 November 2014 may apply to extend their leave by 6 April 2020 or apply for ILR by 6 April 2022 at the latest. If they do not do so, they will be required to increase the level of their investments to £2 million.
In addition to the changes in the level of qualifying investments, Investor migrants granted leave under the rules in place after 29 March 2019 are also required to invest only by way of share or loan capital in active and trading UK registered companies. By contrast, Investor migrants who had been granted leave under the rules in place prior to March 2019 were able to invest in government bonds. These Investor migrants may apply for an extension by 6 April 2023, or for ILR by 6 April 2025, by relying on investments in government bonds. If these deadlines are not met, the Investor migrant will be required to transfer their investment into the qualifying investments mentioned above.
The above requirements on investments are complex and it is therefore strongly advisable for any Tier 1 (Investor) Migrant who may be affected by these changes to seek legal advice.
Gherson have extensive experience in all aspects of UK immigration regulations relating to Tier 1 (Investor) applications. If you would like any further information or have any queries with respect to your own circumstances, please do not hesitate to contact us.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
©Gherson 2019
Consultant, Trainee Solicitor and joint head of our Corporate team