Effect on existing Tier 1 (Entrepreneurs). Existing Entrepreneurs can continue to extend their visa under the current rules until April 5, 2023, but would be required to provide more detailed information on their role in the business and the jobs they have created. Settlement applications for existing Entrepreneurs will remain open until April 5, 2025.
New Changes to Tier 1 (Investor) Route
- Increased scrutiny over funding. New Investor visa applicants would need to prove they have had control of the required GBP 2,000,000 investment funds for the last 2 years, up from 90 days under the existing rules. If the funds have been held for a shorter period, applicants would need to demonstrate the source of the investment funds. The banks must carry out all due diligence checks before opening accounts for potential applicants.
- Investment in government bonds no longer accepted. Under the proposed changes, investment in government bonds would be precluded, to incentivise investment in active and trading UK companies.
The proposed changes will apply to all new applications made on or after March 29, 2019. Transitional provisions are in place to protect existing Tier 1 Investors, who can apply to extend their visa under the existing rules (subject to some minor alterations) and apply for settlement until April 5, 2023.
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