Other visas for investors for UK immigration as Golden Visa gets scrapped

The Tier 1 investor visa route, also called the “Golden Visa” route that the UK had for inviting migrants to get residency in the country through investment, has closed. No more applications are accepted for this visa. The announcement in this regard was made by the UK Home Office on February 17, 2022. So, if you are looking for UK immigration as an investor, you will have to seek other routes that are open for you.

How was Tier 1 UK Investor Visa helping with UK immigration?

The Tier 1 UK investor program allowed potential investors from overseas to arrive and invest in businesses in the UK. They could stay in the UK by making an investment of £2,000,000 as capital. The investments could be made via UK government bonds or share capital of UK companies that are active and trading.

This program aimed to bring in investors who could make significant investments in the UK. The program ran well until certain concerns sprung up that led to the closure of the program.

The concerns

The primary concern was that the program was raising security concerns. There was the scope of questionable funds flowing into the UK through this program. Though the UK Home Office attempted to reform the activities of the program, eventually the decision to close the program was made.

Alternate UK immigration routes for potential investors

There are 2 alternate routes potential investors can still take to arrive and stay in the UK. They are:

• Innovator Visa
• Start-up Visa

The UK Innovator Visa

If you are an investor looking to set up an innovative business in the UK, the Innovator Visa is for you. You are required to have a business/business idea that earns the endorsement by a body that’s approved by the UK Home Office. You can start a business with an investment of £50,000 and proof of how you got the funds.

You have to show that your business idea is:

• New, as you can’t join an existing trading business
• Viable, as the business idea must have the potential to grow
• Innovative, as it’s necessary that your business idea is original and different from any other on the market

Eligibility requirements for the visa

To be eligible for the visa, you must meet the following criteria:

• Your age must be at least 18 years.
• You must meet the English language proficiency requirements.
• You must prove that you have a minimum personal savings of £1,270 to support yourself while you stay in the UK.

Dos and Don’ts

Dos

• Establish one or more businesses
• Work for your business (including working as a director or being self-employed as a business partner)
• Bring your dependents – your partner and children - with you if they have the eligibility
• Travel abroad and come back to the UK
• Apply for permanent residence in the UK ("indefinite leave to remain”) if you have lived in the UK for 3 years and meet the other requirements for eligibility

Don’ts

• Be employed outside your business E.g., work for another business
• Work as a professional sportsperson E.g., a sports coach
• Lodge an application for most benefits (public funds), or the State Pension

The UK Start-Up Visa

Do you have no money for the investment capital required in the UK? Are you lacking in experience as a business owner? If you still want to come to live and start a business in the UK, take a UK Start-Up Visa.

This visa allows you to set up a new, innovative business in the UK. It’s necessary that your business gets an endorsement from an authorized body. This body could be an institution of higher education in the UK or a business organization that has a history of providing support to UK entrepreneurs.

Eligibility requirements for the visa

To be eligible for the visa, you must meet the following criteria:

• You must be at least 18 years old
• You have to meet the requirement for English language proficiency
• You must prove that you have a minimum of £1,270 in personal savings to support yourself during your period of stay in the UK

You have to show that your business idea is:

• New, as you can’t join an already trading business
• Viable, as the business idea must have the potential to grow
• Innovative, as it’s necessary that your business idea is original and different from any other on the market

This visa is not extendable. However, after a 2-year stay in the UK, you may switch to a Skilled Worker Visa or an Innovator Visa if you have established a business holding a Star-Up Visa.

Also, your business activity must be subject to the following criteria:

• Your business must have been assessed and approved by your endorsing body.
• You must have an active business that's trading and sustainable.
• Your daily involvement must be there in conducting the business.

Dos and Don’ts

Dos

• Bring your dependents – your partner and children - with you as if they have the eligibility
• Work in another job, as well as work for your own business
• Switch to this visa from some other visa categories
• Travel abroad and come back to the UK

Don’ts

• Lodge application for most benefits (public funds), or pension from the state
• Be employed as a professional sportsperson E.g., a sports coach
• Settle in the UK on this visa

Know your eligibility for UK immigration. Use the UK points calculator.

If you are looking to Study, Work, Visit, Invest, or Migrate to UK, talk to Y-Axis, the World’s No.1 immigration & visa company.

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