On 17 February 2022, the Tier 1 (Investor) visa was closed to new applicants, with existing visa holders given until 17 February 2026 to submit applications for leave to remain and until 17 February 2028 to submit applications for indefinite leave to remain .
Since the closure of the Investor visa, there has been a gap in the UK's immigration system for those seeking to invest in the UK and this, coupled with increasing restrictions on work visa routes, has made the UK less competitive in the global race for talent.
While no replacement for the Investor visa has been introduced since its closure, recent developments appear to suggest that the political landscape is shifting. At the World Economic Forum in Davos in January 2026, Rachel Reeves reiterated the sentiment that "Britain is the best place in the world to invest" and announced measures to attract the brightest minds to the UK, including visa fee reimbursements for deep tech sectors, fast-track sponsor licence processing, and doubled resources for the Global Talent Taskforce1. The Government's consultation on new pathways to indefinite leave to remain in the UK (''ILR'', also known as permanent residence), which closed on 12 February 2026, also proposed a three-year route to ILR for high earners, suggesting a broader policy intent to rebuild the UK's global competitiveness. On 27 February 2026, the Migration Advisory Committee announced that it is launching a review of how well the current UK immigration system attracts top talent to the UK, and will be reporting its findings to Government this winter.
In the face of ever-growing competition for global talent, it appears that the UK Government may be actively considering potential changes to the immigration rules to attract investment and support its industrial strategy for growth.
The gap in UK immigration routes for investors
The absence of an Investor visa route places the UK at a competitive disadvantage as high-net-worth individuals seeking a UK base must navigate complex immigration rules, and a set of visa options routes that may not suit their circumstances.
While the best immigration option will be highly dependent on individual circumstances, since the closure of the Investor visa, high-net-worth individuals seeking to relocate to the UK broadly have the following main visa options available:
- The Global Talent visa offers a streamlined route for exceptional individuals, and is restricted to those with demonstrable talent in academia, research, arts and culture, or digital technology. It requires endorsement from a Government-approved endorsing body and is unsuitable for those whose expertise lie outside these sectors, who are unable to meet the prerequisites for endorsement, or who are simply put off by the heavy administrative burden of such applications.
- The Innovator Founder visa requires applicants to establish an innovative, viable and scalable business with endorsement from a Government-approved endorsing body. Whilst there is no minimum investment threshold, the route demands active day-to-day involvement in the business, strict innovation criteria and a high threshold for business success to qualify for ILR. For these reasons, despite upgrades to the route in April 2023, the route has had consistently low uptake and has remined relatively unattractive to global talent.
- For those considering the Skilled Worker route, the fundamental barrier to senior executives or entrepreneurs is often the restriction on self-employment and a prohibition on investment in the sponsoring company. In simple terms, those who wish to start a business in the UK or invest in a business under the Skilled Worker route may face barriers in doing so following increasing restrictions to the Skilled Worker route, particularly where the business is not yet generating sufficient revenue.
- The Global Business Mobility routes allow companies to transfer workers from their overseas offices to the UK, usually as part of a temporary assignment or to set up a newly formed office. However, such routes do not lead to ILR and therefore will not be suitable for those wanting to live in the UK long term.
The fundamental issue is clear: there is a gap in the market for high-net-worth investors who wish to make significant capital investments in the UK but who do not fit within employment-based, innovation, or exceptional talent frameworks. This creates a significant barrier for individuals who could contribute substantially to the UK economy through investment.
The international competition for investors
The UK is competing internationally for talent and is losing out to other countries who offer attractive alternatives. For example, in the US, spouses of US citizens may obtain a green card in less than two years, and some US work-based visa routes can also lead to green card status within a few years. In Italy, for a minimum investment of EUR €2 million applicants can obtain Italian residency and benefit from a favourable tax regime which has had broad appeal to global investors. Immigration options offered by other countries such as Portugal, Australia and the UAE also remain popular with international investors and entrepreneurs.
Overly complicated and frequently changing Immigration Rules, coupled with the absence of an investment-based visa, are not conducive to attracting global talent wishing to invest in the UK and do business here. High-net-worth individuals seeking residence and citizenship options are therefore often choosing competitor countries over the UK, taking their capital, expertise, and wider economic contribution with them.
The case for a reformed investor visa – what happens next?
Mishcon de Reya has been playing a key part in Government reform in this area. On 9 February 2026, we responded to the Government's earned settlement consultation – a consultation which proposed some of the most major reforms to ILR in decades. As part of our response, we highlighted our concerns over how the Government's proposals, including extending the timeline to ILR and increasing the complexity of the Immigration Rules, might affect the UK's global competitiveness.
In addition, we have taken part in key policy debate at Westminster on the need for a new investor visa and how any such visa might look. For example, underpinning the need for robust due diligence, enhanced source of funds verification and the targeting of investments to key Government priority areas, such as innovation, the NHS, housing and education.
As part of our advocacy work, in December 2025, Partner Maria Patsalos attended an All-Party Parliamentary Group (APPG) on migration at the House of Lords, hosted by Baroness Mobarik CBE, which brought together key stakeholders to consider the case for reform.
The meeting, which included Government representation from Tony Vaughan MP, heard from investment professionals, existing investors, and security experts. A proposal for a new Global Investor visa, prepared by Foreign Investors for Britain, was presented for submission to the Home Secretary.
We believe that a reformed investor visa has a vital role to play as part of the UK's strategy for growth and its future immigration landscape.
Such a route would complement the Foreign Income and Gains (FIG) regime introduced on 6 April 2025, which offers favourable tax treatment on foreign income and gains for the first four years of UK tax residence and opens up opportunities for effective tax planning even beyond the initial four year window (up to nine years). Together, these measures could position the UK as attractive for high-net-worth individuals seeking a stable, well-regulated jurisdiction with access to world-class financial services, education and healthcare.
How Mishcon de Reya can help
Our team of specialist immigration lawyers has decades of experience supporting high-net-worth individuals, families, family offices and businesses. We understand that every client's situation is unique, often requiring swift decisions and seamless international mobility. We offer tailored advice and solutions, delivered by a multinational team fluent in the cultural and linguistic nuances that matter to our clients. With offices in London, Cambridge, Oxford, Singapore, Hong Kong, Dubai and Abu Dhabi we provide integrated support wherever you are based.
Our recognised expertise covers the full spectrum of UK immigration and nationality law. We regularly advise clients with complex needs, working closely with our Private Wealth and Tax teams to ensure that robust tax strategies are integrated into every solution. We also offer comprehensive transatlantic advice for clients with US immigration requirements, through our team of UK and US qualified lawyers, and assist with immigration matters in other key global locations.