You may have heard about the UK Golden visa and how this provides a direct route to permanent settlement through investment. The Golden visa (properly referred to as the Tier 1 (Investor) visa) is, unfortunately, now closed to new applications as of 17th February 2022. While the Golden visa route is closed to new applicants, it is still possible to extend the Tier 1 Investor visa and apply for permanent settlement. In this article, we will explain the Tier 1 Investor visa requirements and eligibility criteria, how to apply for a Tier 1 Investor Visa, and the processing time for a Tier 1 Investor Visa when applying for an extension.
What is the Golden Visa?
The Golden Visa, also known as the Tier 1 (Investor) visa, enables high net-worth individuals from overseas to make a substantial financial investment of at least £2m into the UK economy and gain permission to remain in return. Depending on the amount invested, Golden Visa holders can apply for Indefinite Leave to Remain (i.e. permanent residence) after 2, 3, or 5 years. As such, the Tier 1 Investor visa offers an accelerated route to permanent settlement compared to other visas, which require 5 years of continuous residence.
Why was the Golden Visa closed to new applicants?
The Home Office made the decision to close the Golden Visa to new applicants from 17th February 2022 to prevent what it referred to as “corrupt elites” from accessing the UK. When announcing its closure, the Home Secretary at the time, Priti Patel, explained, “Closing this route is just the start of our renewed crackdown on fraud and illicit finance. We will be publishing a fraud action plan, while the forthcoming Economic Crime Bill will crack down on people abusing our financial institutions and better protect the taxpayer”.
The Home Office confirmed that it would still be possible to further extend existing Investor visas, but that permanent settlement would be conditional on applicants “executing an investment strategy that can show genuine job creation and other tangible economic impacts. Passively holding UK investments will no longer be enough to obtain settlement”.
What is the Self-Sponsorship Visa UK?
As the Golden visa has now closed, many applicants are considering the self-sponsorship visa. The UK’s Self-Sponsorship visa provides a excellent way for overseas to move to the UK by setting up a company here and working for themselves without the need to apply for a job with an employer. One of the biggest benefits of this route is that it offers a direct route to permanent settlement and British citizenship after a further one year. If you need any information on the self-sponsorship visa UK, please speak to an immigration Solicitor who can explain the rules and how to apply.
For detailed understanding of the Self-Sponsorship route, watch our video here and get all the insights you need.
Golden Visa requirements (for renewal)
If you currently hold a Golden visa, you can further extend your stay as long as you meet the requirements.
If you made a successful application for a Golden visa prior to 6th November 2014, all of the following requirements must be met:
- You must have invested a minimum of £2 million in UK government bonds, share capital or loan capital in active UK companies since 6th April 2020
- You must have had at least £1 million under your control in the UK before 6th April 2020 and
- You must have invested £750,000 in UK government bonds, share capital or loan capital in active UK companies within 3 months of your ‘investor start date.’
If you made a successful application for a Golden visa on or after 6th November 2014, all of the following requirements must be met:
- You must have a minimum of £2 million under your control in the UK
- You must have invested those funds in share capital or loan capital in active UK companies and
- You must have invested this sum within 3 months of your ‘investor start date.’
When determining if you meet these criteria, bear in mind that your ‘investor start date’ is either the date you came into the UK, the date your original visa application or when you switched switch from a different visa category and this was approved.
Eligibility criteria for Indefinite Leave to Remain (ILR)
If you applied prior to 6th November 2014, you can apply for ILR after 2 years if you have invested £10m, 3 years if you have invested £5m, or 5 years if you have invested £2m. You must have invested your funds in share capital, loan capital or UK government bonds in active UK companies within 3 months of your ‘investor start date’.
If you applied after 6th November 2014, you can apply for ILR after:
- 2 years if you have £10m in cash, £20m in personal assets, or £10m in loans from a UK-regulated financial institution
- 3 years if you have £5m in cash, £10m in personal assets, or £5m in loans from a UK-regulated financial institution, or
- 5 years if you have £1m in cash, £2m in personal assets, or £1m in loans from a UK-regulated financial institution
The rules also state that you must have invested at least 75% of your investment funds in UK government bonds, share capital or loan capital in active UK companies within 3 months of your ‘investor start date’.
In addition to the time in the UK and the investment amount requirements, you will also need to provide evidence that you have passed the ‘Life in the UK’ test and that you meet the English language requirement. To meet the language requirement, you must have passed an approved English test at B1, B2, C1 or C2 level or have a degree-level qualification that was taught or researched in English.
How to apply for a Tier 1 (Investor) Visa and Processing time
Your application to renew your Tier 1 Investor visa can be completed online on the Home Office website. You will need to pay an application fee of £1,884 per person in addition to the healthcare surcharge.
Most Tier 1 Investor visa renewal applications are processed, and a decision is made within 8 weeks of the date of submission. However, if you wish to use the priority service to receive a faster decision within 5 working days, you can pay an additional fee of £500.
Can I Get a Visa by Investing 50K in the UK?
Under the current immigration rules, investing £50,000 in the UK does not make you eligible to apply for any UK visa category. Earlier, the Golden Visa required a minimum investment of £2 million, but it is closed now. Potential investors seeking an alternative can choose the self-sponsorship route, with fund start-up costs from £25,000 to £150,000, depending on business type and salary allocations. This route allows for establishing or expanding a business in the UK but requires a detailed business plan and proof of sufficient funds to support the business.
How much investment does one need to make in the UK for citizenship?
Through the Investor Visa route, you could qualify for Indefinite Leave to Remain by investing £2 million in 5 years. If you had a higher investment, such as £5 million or £10 million, you could qualify for ILR 3 and 2 years, respectively. After that, you could apply for British Citizenship after a year of obtaining ILR. Now that this Golden Visa is off the table, Self-Sponsorship, Innovator Founder Visa, and Global Talent Visa are viable options if you meet the requirements.
If I buy a house, will I get a UK visa automatically?
Purchasing a house in the UK does not entitle you to obtain a visa. The defunct Golden Visa required a money investment, not the purchase of a home. However, if you wish to set up a company in the UK which manages properties, have a business plan for the company and have sufficient funds to support your business, the self-sponsorship route can be considered. There could be a way to sponsor oneself while being an owner of a company that manages properties in the UK.
What is the UK visa for millionaires?
The UK Golden Visa, targeted at high-net-worth individuals investing £2 million or more, was the key visa route for millionaires. This pathway is no longer available. Millionaires seeking relocation to the UK can consider a self-sponsorship route to establish or expand their business.
In 2024, there are many visa options with the possibility of permanent settlement for millionaires looking for alternatives to the Golden Visa. You can apply for an Innovator Founder Visa or Self-Sponsorship. We recommend considering self-sponsorship, which allows flexibility when investing in your business and expanding it in the UK. Over 100 business owners we helped relocate to the UK said self-sponsorship helps explore growth opportunities.
Are Indians eligible for UK nationality?
Yes, an Indian National can obtain British Citizenship through alternative visa routes as the investor visa, also known as the golden visa, is closed. Options include skilled worker visas, family visas, UK ancestry visas, innovator founder visas and the self-sponsorship route to expand their business in the UK. They can apply for ILR after living in the UK for a specific period as per the requirements in each route. They can then proceed with applying for British citizenship, provided they continue living in the UK for 12 months since the grant of ILR, pass the Life in the UK Test and meet the English language requirement.
What is the fastest way to become a UK citizen?
Through the Golden Visa (Investor visa), the fastest route to UK citizenship was achievable in six years, with permanent residency after five years if the thresholds were met. Although the Golden Visa is no longer available, one can still relocate to the UK through self-sponsorship by establishing or expanding their business in the UK. This route allows you to gain indefinite leave to remain after 5 years on a Skilled Worker visa and then apply for British Citizenship after a year.
What’s the easiest way to get PR in the UK?
The easiest route to Permanent Residence in the UK was previously through the Golden Visa, which entailed a minimum of £2 million investment and resulted in permanent residency in five years.
Watch this video to learn which visa categories lead to the fastest permanent residency in the UK.
Final words
If you do not currently hold a Tier Investor visa but would like to invest in the UK, there are other visa options which may be available to you, including the Innovator Founder Visa. To discuss your plans and better understand your visa options, we recommend speaking to a London-based immigration solicitor to explain the best route for your needs and for your family.
A Y & J Solicitors is a specialist immigration law firm with extensive experience with all types of visa applications. We have an in-depth understanding of immigration law and are professional and results-focused. For assistance with your visa application or any other UK immigration law concerns, please contact us on +44 20 7404 7933 or at contact us today. We’re here to help!
