Back in November 2014, the government has implemented a change in the Tier 1 (Investor) Route in which the minimum investment threshold has been raised from £1m to £2m.
Further Leave to Remain
This notice is of significance to those Tier 1 Investors who rely on the old £1million investment requirement and are yet to apply to further extend their visa. Any Tier 1 Investor who entered the route relying on £1m investment and wishes to continue living in the UK will need to submit their extension application before 6th April 2020, leaving only just around three months to do so.
If you were granted your visa under the requirements in place before 13 December 2012 and have made your investments in an offshore company or these have been held in offshore custody, you will not be able to rely on these investments in any application being submitted after 6 April 2020.
If you are a Tier 1 Investor who falls within the old category and will miss the strict deadline, you will have to increase your investment to £2 million.
To make sure that you do not fall foul of this requirement and your status is protected or to just double check that this requirement does not apply to you, we recommend that you contact our team of immigration specialist urgently.
Indefinite Leave to Remain Applications
A Tier 1 Investor who intends to apply for Indefinite Leave to Remain relying on £1m investment will need to submit their application for Indefinite Leave to Remain before 6th April 2022. If they have missed submitting their Indefinitely Leave to Remain application before 6th April 2022, they would have to increase their investment for £1m to at least £2m.
An important point to note is that part of the eligibility requirements is that they have reached the relevant qualifying period during which they have made and met the minimum investment threshold. If they had missed the deadline, the relevant period would begin from the date they increase their investments from £1m to £2m.
The qualifying period for ILR also restarts from the date you increase your investment amount. Previous time spent on the route with a lesser investment amount does not count towards the ILR qualifying period.
So those who initially entered the UK under the old £1 million route will, therefore, need to apply for settlement or reconsider their UK visa options by 6 April 2022.
Please note that further changes to the Immigration Rules that were introduced in March 2019 do not affect those under the old £1 million route.
All our articles are intended for informational purposes only and do not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information provided.