Tier 1 (Investor) Visa (or “Golden Visa”) in the UK: Investors who invested £2 million or more in the UK could apply for residency and their families. The route also gave you a path to settled (permanent) status in the UK (at some cost). But this visa pathway lapsed for new candidates, due to security and corruption issues. Those of us who had wanted to take this route to move to the UK now have to think twice.
What Has Been Happened To The Tier 1 (Investor) Visa?
On 17 February 2022, the UK government, citing security and money laundering concerns following the Russian invasion of Ukraine, closed Tier 1 (Investor) visas. This visa fast-tracked permanent residency through investment in the UK and remained controversial and infamous for many years.
The route is no longer open for new applications, but for those with Tier 1 (Investor) visas you are already on, you can extend your visa or seek permanent residency until 2028. The shutdown came without warning, which has put off immigration experts and those who had applied.
What Are Investor’s Options?
The end of the Tier 1 (Investor) visa means that if an investor wants to settle in the UK they will need to get a different visa. But none provide the route to residency as the Investor visa does. Some potential alternatives include:
- Innovator Visa: If you are opening a new company in the UK that produces something new. The stay period for this visa is three years initially and can be renewed for three years after that.
- Global Talent Visa: Targeted at highly qualified candidates working in academic, research, arts, culture, and digital technologies. Candidates have to be approved by an organization.
- Scale-Up Visa: For skilled workers working for fast-growing companies in the UK. This visa is in the works.
The Visa Self-Sponsorship Route: A Chance All Around?
There’s a great new alternative for entrepreneurs and rich people wanting to take up the Tier 1 (Investor) visa and set up or invest in a UK business:
Self-Sponsorship
In self-sponsorship, there is a legal pathway where an entrepreneur can start their own business in the UK and apply for a Skilled Worker visa. A really quick and efficient way for people to live and work in the UK with their own businesses.
How Does Self-Sponsorship Work?
Self-sponsorship works in three quick steps:
Stage 1: Establish a UK Company.
You first need to set up a UK company. This is easy and you get to own 100% of the company. You need a UK accountant to ensure your company is up to date with the legislation.
Step 2: Secure a Sponsor Licence.
Once your company is registered you need to apply for a Sponsor Licence from the UK Home Office. The business needs to meet certain standards like right policies and processes. This should be done by a professional in law as this process is complicated.
Step 3: Get a Skilled Worker Visa.
With the Sponsor Licence, you are entitled to apply for a Skilled Worker visa. This visa lets you work for your own company. They need you to have an offer of employment, salary, English language, and education. If all goes well, you will move to the UK and get up and running.
The Major Advantages of the Self-Sponsorship Approach.
- Total Ownership: You are the owner of your UK company. You can be the director of your own company and have 100 percent of the shares.
- Path to Residency: In 5 years, you could apply for permanent residency and in 6 years, for British citizenship.
- Family Sponsorship: You can sponsor your spouse and children (under 18) as dependents in the UK.
Why Choose Self-Sponsorship?
Self-sponsorship is a special way for founders to move to the UK without pursuing the now-defunct Investor visa pathway. Experienced, financially strong, and motivated individuals will find this solution ideal for establishing or growing their business in the UK.
The whole process is not easy, but if you hire a legal professional, you can do it with ease. Law and Visas has experts who can help guide clients in this process making sure everything is done as per UK immigration law.
You should consult a professional to ensure your application is successful if you’re considering self-sponsorship as an option to get to the UK. Our team at Law and Visas can assist you with registering your UK company, sponsor license, and Skilled Worker visa.
The UK has closed the Tier 1 (Investor) visa, making self-sponsorship an excellent option for entrepreneurs who want to start their own business in the UK and settle there with their families. It is very easy and with the right guidance, you can migrate to the UK and enjoy life and work in a growing economy. If you are curious to know more about how self-sponsorship can benefit you, Law and Visas is your guide all the way.
