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Does the UK have a Golden Investment Visa?

The UK government has scrapped investor visas, also known as ‘golden visas. It’s called a ‘golden visa’ because the process involved costs at least £2 million.

You can get more information about other UK Visa types and the processes involved in applying for them on the London immigration lawyers website.

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    What Is The UK Golden Investor Visa?

    The UK Golden Investor Visa is a type of Visa that allows high-net-worth individuals to invest heavily in the UK economy and government bonds in exchange for the right to live and eventually gain residency and citizenship in the UK.

    The scheme offers residency to those with at least £2 million in a regulated UK bank account to invest in the United Kingdom. Investor visa holders and their family members could stay in the UK for 3 years (if they apply while in the UK) or 40 months (if they apply while outside the UK). Those with less than £5 million in investment funds may apply to extend their visa and settle in the UK (i.e., apply for ILR) after 5 years.

    Those with more investment funds may be eligible to apply for the accelerated settlement scheme. This means that those with £5 million, either personal or joint funds in investment, kept in a regulated financial institution qualify and could apply for ILR after 3 years in the UK, and those with £10 million could apply after just 2.

    However, The UK Golden Investor visa scheme in the United Kingdom closed to new applications on February 17th, 2022. The Home Office closed the UK investment visa due to concerns about the security and legitimacy of some of the funds used by some  Investor visa applicants. As a result, the Home Office decided to tighten immigration policy for those investing in the UK significantly.

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    What Are The Alternative Visa Options For Those Looking To Relocate To The United Kingdom?

    Because the UK Golden Investor Visa is no longer available to investors, there are other options for obtaining UK citizenship through investment. The only difference between the UK Golden Investor Visa and the alternatives is that the Home Office now expects applicants to be active in business in the UK. Before the abolition of the UK investor visa, it was possible to obtain a visa and settle by simply investing funds in existing UK companies.

    Also, due to the abolition of the UK Golden Investor Visa, the emphasis on the number of investment funds has shifted dramatically. Rather, there is a greater emphasis in the UK on expanding and developing sustainable businesses. Some alternative visa options to consider instead of the UK investor visa are:

    Innovator Visa

    The UK innovator visa is a type of visa that allows experienced investors from outside the UK to establish a sustainable and innovative business in the UK with sufficient investment funds. Applicants must apply for the innovator visa with immediate effect and have their business idea approved by an authorised endorsing body in the UK, which must confirm that it is innovative, lucrative, sustainable, viable, and scalable.

    It is also important that they have at least £50,000 to invest in the new business they wish to establish in the UK. If they are granted the innovator visa, applicants can bring their family members with them and stay for up to 5 years. They can then commence their citizenship application by applying for ILR during their stay and then get British citizenship after a year of application. You can get more information about the UK innovator visa and the processes involved in applying for it here.

    Scale-Up Visa

    The Scale-Up visa is a new immigration option that was made available in August 2022. It is designed to assist businesses in the scale-up phase of growth in the UK by providing access to the most skilled talent from around the world.

    The Scale-Up visa is divided into two categories: sponsored and unsponsored, with the latter being for those who have previously been granted permission as scale-up workers. Applicants must have at least Regulated Qualification Framework (RQF) level 6 (degree level) skills and a yearly salary of at least £33,000.

    UK Start-up Visa

    The Start-Up visa program is designed for people with no prior business experience. Applicants for a start-up visa do not need any investment funds, but they must demonstrate that they have a new, innovative, and viable business idea by obtaining endorsement from a UK-approved endorsing body.

    If granted a Start-Up visa, you will be allowed to stay for a maximum of  2 years. A start-up visa cannot be extended and cannot be used to obtain ILR or citizenship. It is possible, however, to apply for a different visa type, such as the Innovator visa, which will grant you ILR and citizenship. If you want more information about the UK Start-up Visa and understand the procedures required, such as biometric residence permit registration, you can use this link.

    Global Talent Visa

    The Global Talent visa is for leaders or potential leaders in academia or research, arts and culture, or digital technology in the United Kingdom. No investment funds are required for Global Talent visa applicants, but they must have an endorsement from an authorised endorsing body confirming they are a leader or potential leader in their field. However, if they have an eligible award, they can apply.

    Applicants granted a Global Talent visa can apply for ILR after three or five years, depending on their eligibility. After another year, you can apply for British citizenship.

    Skilled Worker Visa

    The Skilled Worker visa is intended for applicants who have been offered a skilled job by a UK employer. Employers must have a sponsor licence and provide a Certificate of Sponsorship to the overseas worker. Applicants must typically earn at least £25,600 per year, £10.10 per hour, or the ‘going rate’ for their position type. RQF level 3 is required, and the job must be on the Home Office’s list of eligible occupations. This immigration route does not necessitate any investment funds.

    Applicants granted a Skilled Worker visa can stay in the UK for up to 5 years. After 5 years on a Skilled Worker visa, you can apply for ILR, and then, 1 year later, you can apply for permanent residency.

    Get in touch with our expert immigration lawyers receive assistance on Uk Golden Investment Visa. Contact us

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      Some Common Misconceptions About The UK Golden Investor Visas

      In contrast to the stereotype of many prospective migrants before the scrapping, there are numerous myths about obtaining a UK Golden Investor Visa. Among them are the following:

      Does Purchasing Properties in the United Kingdom grant you Residency or Citizenship?

      It is possible to obtain citizenship or residency in some countries, such as Turkey and Malta, by investing in real estate. However, this is not possible in the United Kingdom. Only through government-approved immigration routes can you obtain UK citizenship. This should not, however, prevent you from investing in property in the UK as a non-resident.

      Can You Buy A British Passport?

      A UK passport or citizenship cannot be purchased. If you are not a British citizen, the only way to obtain a passport is through the immigration system. To obtain a British passport, you must first reside in the UK for at least 5 years and obtain Indefinite Leave To Remain (ILR), also known as a permanent residence. After a year, you can get your British citizenship.

      Why You Need An Agency To Help You With Your Visa Processing

      A visa application can be quite tasking because there are many processes involved and many documents to be submitted. That’s why it’s recommended that you employ the service of legal advisers or agencies to help you with the processes. The agency will perform the following roles:

      • Explain your visa options based on your long-term plans and personal circumstances. Check to see if you and your family members are eligible for any visas.
      • Prepare and submit your immigration application on your and your family member’s behalf.
      • Assist you in communicating with the Home Office about your application.
      • Create an extension app.
      • Request Indefinite Leave to Remain (ILR)
      • Make an application for British citizenship.

      How Can London Immigration Lawyers Help?

      Although the Uk government has scrapped the Golden Investment Visa, there are still other visa routes you can apply to as an investor. Having adequate information about each of these visas makes your application process seamless. London Immigration Lawyer offers consultation service on the UK visa application process and also help with legal services as far as your UK immigration is concerned.

      You can call our London Immigration Lawyers on 020 4502 8582 for immediate help and assistance with your situation. We are here to help you in person, via the phone, or online.

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