Without prior notice, the Home Office closed the Tier 1 investor visa category at 4 pm on 17th February 2022.
Since its inception in 2008, the investor route was a popular option for High NetWorth individuals willing to invest their millions in exchange for Residence/Citizenship in the UK.
The route was altered over the years to make it a more stringent option. According to Priti Patel, the changes were not enough to prevent “corrupt elites to access the UK“.
So what does this mean?
Individuals with pending applications in the Home Office may still qualify under the Tier 1 category providing the application was formally submitted prior to 4 pm on 17 February 2022.
The closure will not impact those already in the UK as Tier 1 investors. They can remain in the UK and apply for an extension and or settlement as per the immigration rules.
The sudden closure only affects new applicants so if an application was not submitted before 4 pm it can no longer be considered by the government.
What next?
There is some indication that a revised version of some sort will be introduced in Autumn 2022. Perhaps a possible amalgamation of the investor and current innovator category.
I guess we will have to wait to see!
Article by Adeeb Chowdhry