Javascript is currently disabled. This site requires Javascript to function correctly. Please enable Javascript in your browser!

Latest

Proposed relaxation of Immigration Rules for Investors

 | 
Release Date:
24 November 2010

IMPORTANT: This briefing note is only intended as a general statement of the law and no action should be taken in reliance on it without specific legal advice. Release Date: 24 November 2010

The UK has always recognised the benefits that High Net Worth Individuals (HNWIs) bring to the UK. Kamal Rahman has been working closely with the Home Office to secure more favourable immigration provisions for those with the financial capital to invest in this country.

On 23 November 2010 the Home Secretary, Theresa May announced significant changes to the route to settlement for Tier 1 (Investors) which significantly reduces the time applicants will need to live in the UK to qualify for Indefinite Leave to Remain (ILR). The changes will also relax the residency requirements affording applicants greater flexibility to travel abroad.　

If implemented, the changes will come into effect in April 2011.

Fast track to settlement

The Home Secretary has proposed offering quicker routes to settlement for Investors as follows:

  1. For those who are able to invest at least £10 million in the UK, the residential period required to qualify for ILR will be reduced to 2 years.
  2. For those who are able to invest at least £5 million in the UK, the residential period required to qualify for ILR will be reduced to 3 years.
  3. Those who are able to invest at least £1 million in the UK will continue to be eligible to apply for ILR once they have held continuous residence in the UK for 5 years.

Relaxation of the residency requirements

The UK Government has recognised the crucial need for so many HNWIs to travel in the course of their global business needs. The UK government has therefore announced a relaxation of the residency requirements for Investors. The current requirement to spend at least 9 months (75%) of every year in the UK to qualify for ILR is likely to be reduced to 6 months (50%).

British citizenship

Full British citizenship may be obtained once an applicant has lived in the UK as an Investor for five years provided the applicant has held ILR for at least one year.

For more information please contact Kamal Rahman, Head of Immigration, at kamal.rahman@mishcon.com or on 07771 905 647.