On 17 February 2022, the Home Office closed the Tier 1 (Investor) visa route to new applicants, without any previous warning.
- Applications for Tier 1 (Investor) entry clearance, leave to enter, or leave to remain which have been made before 16:00 on 17 February 2022 remain unaffected and will be considered by the Home Office.
- The new changes in the Immigration Rules protect those who already have leave to enter or remain as a Tier 1 (Investor) Migrant in the UK and their eligibility to apply for settlement.
- The deadline for applications for further leave to remain as a Tier 1 (Investor) will be 17 February 2026, and the deadline for applications for indefinite leave to remain as a Tier 1 (Investor) will be 17 February 2028.
Why Has the Tier 1 (Investor) Visa Route Closed?
Home Secretary Priti Patel acted upon her continuous concerns about source of funds, despite amendments that were made in 2019 in relation to source of funds in this category.
What Is Next for Investors?
The Explanatory Memorandum addressed the upcoming amendments to the Innovator route, but it seems that the Home Office is focused rather on upgrading the Tier 1 (Entrepreneur) route. The Memorandum states:
7.6 The Government intends to make future alternative provision for investment-related migration through reforms to the existing Innovator immigration route. This will make more targeted provision for investment-related migration, offering a route for entry and stay for overseas nationals with a track record of investment activity overseas and credible plans to engage in such activity.
We expect the new requirements to include creating jobs , which was not a requirement of the Tier 1 (Investor) route. We eagerly await to see what the Home Office means by ‘track record of investment activity overseas’ and to what extent this will require prior experience of running or working for a business.
Our Immigration Team will publish further announcements as they become available.