The Home Office announced last week that they are shutting the ‘Golden visa’ Investor visa route with immediate effect. This is amid pressure on ministers to cut UK ties to Russia over the threat of invasion to Ukraine.
The UK investor visa was first introduced in 2008, and while the visa traditionally attracts Russian, Chinese and the Middle Eastern investors, it has recently attracted western investors post-Brexit.
In 2020, a total of 216 visas were issued; in 2019, the figure was 360. Figures show that mainland China was the largest source of successful applicants (23), followed by Russia (12), the US (10), Canada (8) and Hong Kong (5), Switzerland (2) and France (1).
The Home Office has announced that they will be making reforms to the Innovator route as part of the new points-based immigration system. It is expected that it will include an ambitious investment route that will effectively support the UK economy.
At present, the Home Office will be announcing the statement of changes that includes the new Global Business Mobility visa. It is expected that this route will offer a wide range of business-friendly visa route.
We will continue to monitor the development very closely and will ensure that our clients are kept up to date.
For any questions on Private Immigration to the UK or if you would to find out regarding your eligibility for UK visa routes, please contact our Immigration Advisor, Shareena Rahman on [email protected] or +44(0)207 822 2222.
© 2022 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.