Tier 1 Investor Visa Closed
The Home Office have today announced the closure of the Tier 1 Investor Visa category with immediate effect.
The Home Office have claimed that the visa category is being closed due to ‘security concerns’ and that they are taking action as the Tier 1 Investor Visa is ‘failing to deliver for the UK people and gives opportunities for corrupt elites to access the UK’.
The Tier 1 Investor Visa allowed those with at least £2million cash available for investment into the UK to live and work in the UK with a route to Settlement.
It has been claimed that this visa category gave rise to security concerns, including people ‘acquiring their wealth illegitimately and being associated with wider corruption’.
The Tier 1 Investor route has been used by many perfectly legitimate people who have invested funds into the UK. It is perhaps no coincidence that this visa has often been portrayed as a visa for ‘wealthy Russians’ and is now being closed while we see tensions running high between Russia and the West.
The Tier 1 Investor visa was introduced in 2008 and in the 14 years since it’s introduction just 2,581 visas have been granted. The application process requires banks to complete checks prior to opening accounts and the source of funds must be clearly evidenced.