UK cracks down on investor visas
The Home Office has today announced the suspension of the Tier 1 (Investor) immigration route into the United Kingdom with effect from Friday 7 December 2018, as part of a crackdown on financial crime and money laundering.
This route allowed foreign nationals to gain residency in this country via a minimum investment of £2 million into UK Government Stocks and Bonds, or Share Capital invested into active trading UK Companies. It has long been the concern of the UK Government that the requirements within the Immigration Rules, checks instigated by Home Office officials and some institutions managing funds in the financial services sector, have not been sufficiently robust regarding the source of funds and attained wealth of some applicants.
Whilst this immigration route has been suspended, the Immigration Minister, Caroline Noakes has suggested that in the early part of 2019 a revised investor immigration route will be introduced to encourage high net worth individuals to invest in the United Kingdom and gain residency for themselves and dependants. It is expected that applicants will have to provide enhanced evidence of their source of wealth over the two year period preceding any application and have an independent audit undertaken of financial records by an FCA regulated organisation, not linked to the company managing the compliant investments. The Home Office will also make more regular checks with investment managers to ensure compliant investments have been made and maintained.
Ince Gordon Dadds can undertake the necessary due diligence on behalf of clients once the new investor immigration route is announced. Our Regulatory Solutions team provides expert due diligence advice and support, and can perform thorough due diligence in a discreet and efficient manner. Please contact Alex Ktorides, Partner in our Regulatory Solution team for help or information.
With our extensive immigration experience, we can also continue to advise clients interested in using the new route, when announced, into gaining residency in the United Kingdom. Please contact Alan Platt, Immigration Director at Ince Gordon Dadds for further details.