Although the Investor Visa (Tier 1) closed in February 2022, high-net-worth individuals (HNWIs) can still access excellehnt immigration pathways to live and work in the UK. The Innovator Founder Visa and self-sponsorship routes are currently the most popular options for wealthy individuals looking to secure UK residency for themselves and their families. This article will explore these routes and help you understand UK Visa Options for HNWIs.
Understanding the Investment Visa Routes: Key Eligibility and Requirements for HNWIs
The Investor Visa (Tier 1) allowed HNWIs to gain UK residency by making large financial investments in the UK, but this route closed on 17th February 2022 due to security concerns. However, there are now other great alternatives available, such as the Innovator Founder Visa and the self-sponsorship route, which can help you gain residency in the UK.
Innovator Founder Visa
The Innovator Founder Visa is designed for experienced business people who want to launch an innovative business in the UK. Unlike the old Investor Visa, this visa focuses on entrepreneurship and creativity rather than just financial investment.
To qualify for this visa, you need to show:
- You have a unique, viable, and scalable business idea.
- Your business idea must be endorsed by a UK-based endorsing body (such as a recognized business incubator or organization).
- You plan to be actively involved in the day-to-day running of your business.
- You have enough personal funds to start your business and support yourself and your family while living in the UK.
The Innovator Founder Visa is ideal for HNWIs who want to create businesses in cutting-edge industries like artificial intelligence (AI), healthcare, or sustainability. Once you get this visa, you can apply for permanent residency in just 3 years (compared to the usual 5 years), and after settling in the UK, you can apply for citizenship in 12 months.
Self-Sponsorship Route
The self-sponsorship route is an exciting option for HNWIs who want to set up their own UK-based business and sponsor themselves for residency, without relying on a traditional employer or external sponsor. To use this route, you must:
- Set up a business in the UK in a sector related to your expertise or investment interests.
- Apply for a sponsor license from the UK Home Office, which allows your new business to sponsor you and any employees, including yourself. You must prove that you can meet the Home Office’s requirements for being a sponsor.
- Apply for a work visa (such as the Skilled Worker visa), which allows you to work for your own business in the UK.
- Make sure you meet the English language requirements, pay yourself according to the salary threshold, and have enough funds to support yourself and your family.
The self-sponsorship route gives you greater control over your residency, as long as your business stays operational and meets the Home Office’s requirements.
Comparing the Self-Sponsorship Route with the Innovator Founder Visa
When deciding which visa route is best for you, it’s important to compare the Innovator Founder Visa with the Self-Sponsorship route. Here’s a breakdown:
- Business Type: The Innovator Founder Visa requires an innovative business idea that fills a gap in the UK market. On the other hand, the self-sponsorship route is more flexible and doesn’t require your business to be groundbreaking—just viable and beneficial to the UK economy.
- Endorsement: The Innovator Founder Visa needs endorsement from a UK body, which can take time. The self-sponsorship route doesn’t need this endorsement, but you must meet the Home Office’s criteria for sponsorship.
- Investment Requirements: The Innovator Founder Visa doesn’t have a set amount of money you need to invest, but you must show you have enough funds to support your business and yourself. The self-sponsorship route may require a higher level of initial investment to set up your business and sponsor your visa.
Other Visa Options for HNWIs
While the Innovator Founder Visa and self-sponsorship routes are among the most popular, there are other options for HNWIs:
- Global Talent Visa (GTV): This visa is for people recognized as experts or leaders in fields like science, technology, engineering, arts, and humanities. However, it is very competitive, and you typically need to be internationally known in your field to qualify.
The Role of Immigration Lawyers in the Application Process
The UK immigration process can be complicated, and working with a specialist immigration lawyer can help you navigate it smoothly. Here’s how an immigration lawyer can help:
- Innovator Founder Visa: They can assist with the endorsement process, ensuring you meet the requirements for your business idea.
- Self-Sponsorship Process: They can guide you through applying for a sponsor license and setting up your business.
- Compliance: Lawyers can ensure your business stays compliant with its sponsor license duties, avoiding penalties or the loss of your license.
- Family Visa: They can help your family apply for dependant visas and guide you through the process of settling in the UK.
- Citizenship: After you gain residency, an immigration lawyer can help you apply for British citizenship after your required period.
Securing UK Residency Through Investment
While the Investor Visa is no longer available, the Innovator Founder Visa and self-sponsorship route offer new pathways for HNWIs to secure UK residency through business investment.
At Law and Visas, we specialize in the self-sponsorship route and can assist with every step of the process, including:
- Registering a company with Companies House and ensuring it meets the UK’s business criteria.
- Applying for a sponsor license and demonstrating your business can sponsor skilled workers (including you).
- Issuing a certificate of sponsorship and helping you apply for a work visa.
- Ensuring your business remains compliant with UK regulations to maintain your sponsor license.
- Helping you apply for Indefinite Leave to Remain (ILR) after 5 years and guiding you toward citizenship.
Transitioning from Residency to UK Citizenship
Once you have UK residency through the Innovator Founder or self-sponsorship route, you can apply for British citizenship after meeting the required residency period. Typically:
- Innovator Founder visa holders can apply for citizenship after 4 years (3 years with the visa + 12 months with permanent residency).
- Self-sponsorship visa holders can apply after 6 years (5 years with the visa + 12 months with permanent residency).
The Innovator Founder Visa and self-sponsorship route offer fantastic opportunities for HNWIs to gain UK residency through innovation and business investment. Working with a skilled immigration lawyer can help ensure a smooth application process, minimize delays, and guide you toward permanent residency and citizenship.
