Overseas Investors planning to move to the UK will have to go through tougher tests in the country. The Home Office has announced a number of changes to the Tier 1 Investor Visa. The Visa offers Overseas Investors a pathway to enter the UK. They can live and work in the country. However, they have to invest a minimum of £2 million investment.
The Home Office released a statement on March 7, 2019. In that, they clearly stated the requirements that the candidates have to fulfil. Let’s have a look at them.
The threshold of investment was raised to £2 million back in 2014. Since then the UK has seen a rapid increase in the number of Overseas Investors. Most of the applications came from Chinese Immigrants, as quoted by verdict.co.uk. More than 10 applications came from the UAE.
More than 1500 applications have rejected to date. This resulted in a review in November 2018. It revealed that there have been major tax irregularities. The UK has toughened its rules on money laundering. This also had an effect on the rejection of applications.
The Treasury Committee has published a report on the money laundering. It showed that there should be stricter rules against the crime. Weaknesses have been found in areas like property transactions and registrations.
Nicky Morgan, the Chair of the Committee expressed his views on the same. According to him, the published report has made a number of recommendations. The suggestions include various areas like real estate, financial sanctions, and company’s house. According to the Committee, organizations should carry out Anti-money Laundering checks. This will help deal with the crime.
The Home Office is planning to launch 2 new Investor Visas. They would be meant for Overseas Entrepreneurs. Inexperienced Overseas Investors can avail of the new Start-up Visa to set up a business in the UK. The Innovator Visa, on the other hand, would be for the experienced Overseas Investors.
The Start-up Visa would replace the existing Tier 1 Graduate Entrepreneur Visa. The Tier 1 Entrepreneur Visa would be replaced by the Innovator Visa.
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