Written by: Tommy
The Tier 1 Visa category provides a route for those financially stable and high net worth individuals from outside the UK who are interested in relocating to the UK.
It is also expected that this opportunity will also become available to swiss nationals and EEA citizens post-Brexit.
There are certain requirements for the applicants to qualify for the Tier 1 Investor Visa. The primary requirement being that the applicant and their partners must hold £2 million in either of their names so that they can make specified investments in the country.
Upon approval, this route also enables applicants to bring their dependent family members to the UK. With this visa in hand, the dependents will also get a right to study and work in the UK. The applicants may, however, need to provide individual applications and documents for each dependent applicant.
With the Tier 1 Investor Visa, the applicants will be entitled to live in the UK for a maximum of 3-years and 4-months. After that, the applicants will have to apply for an extension. When approved, they would be able to extend their stay for 2 more years.
Applicants planning to invest £2 million in the UK will qualify for settled status or ILR after 5-years of their stay in the country. However, those with over £5 million or £10 million investment will get an opportunity to benefit from the fast-track route to the ILR status, provided all the requirements are fulfilled at the time of submitting an application.
The applicant should apply for the Tier 1 Entrepreneur Visa at least 3-months before he or she plans to visit the UK. You should be notified about the decision within 3-weeks of attending your biometric appointment. There’s also an option of paying a certain fee for a faster decision. But, this option isn’t available for all countries.
Although the Tier 1 Entrepreneur Visa category looks simple, it involves many technicalities. This is why it’s a good idea to take expert advice.
Tier 1 Visa UK Requirements
Access to Investment Funds
You can apply for a Tier 1 Entrepreneur Visa using the £50,000 investment requirement if you’re able to secure funding from DIT, UK Government, or FCA-acknowledged venture capital fund.
Alternatively, you need to invest £2 million (as mentioned above). For this, you have to prove that the amount you’re investing in is your own money, or it is provided by any known third-party such as your spouse or an investor.
To qualify for a Tier 1 Entrepreneur Visa, you must pass an approved English language test or hold a degree taught in English. Applicants from certain countries are, however, not required to fulfill this requirement.
Besides investment funds, you will also have to satisfy the requirements for the maintenance funds. You will receive 10-points for fulfilling this requirement. This requirement is to ensure the applicant can support themselves without asking for public funds.
This is just a glimpse of what you need to have in order to apply for the Tier 1 Entrepreneur Visa category. There are many other requirements and formalities too that need your consideration. Make sure you get in touch with your immigration lawyer and discuss your case so that they can provide you with the best possible solution.