4 Fast Facts About UK Residency by Investment in 2021
The United Kingdom (UK) is a popular destination for people looking for a new place to call home. The UK has a rich culture and a solid global military presence, and has made massive contributions to global scientific progress.
Aside from being known for its stable economy (the sixth largest in the world), it also uses the Pound Sterling (GBP), the world’s third biggest currency.
All this – plus the fact that you can get residency by investing in the region – have made it one of the most attractive destinations for investors.
Here are four fast facts you need to know about the UK’s residency by investment program:
1. Who can qualify for residency by investment in the UK?
You need to be willing to invest at least £2,000,000 in the UK to qualify for a Tier 1 Investor Visa.
Aside from this, you also need to qualify for the following eligibility requirements:
- At least 18 years old
- Can provide proof of ownership for an investment fund (primary applicant, spouse, or unmarried partner)
- With an account at a UK-regulated bank
Take note: Funds can be held in a regulated financial institution which can be spent in the UK.
2. What are the residency options for investors?
Initially, there were two types of visas for people who wish to invest in the UK: the investor visa and the entrepreneur visa.
However, the UK government removed the latter and replaced it with two options designed for genuine entrepreneurs endorsed by a registered body. What separates these new categories from the previous entrepreneur visa is that applicants are required to have an original and genuine business plan that meets new and existing market needs.
Applicants also need to have knowledge, experience, skills, and market awareness and must provide a carefully structured business plan. This should include national and international growth and the potential to create more jobs in the country.
Below is a quick roundup of the residency options available today:
Tier 1 Investor Visa
Investors can get this type of visa by completing the following requirements:
- Commit at least £2,000,000 to share capital, loan capital, or UK government bonds
- Bonds must be inactive and traded in UK-registered companies only
- Maintain for five years, with visa renewed after the third year
After the five-year tenure, investors can obtain Indefinite Leave to Remain (ILR), which can be used to acquire citizenship in the future.
In case you wish to expedite your ILR, you have the option to invest £5,000,000 or £10,000,000 to accelerate the process to three or two years, respectively.
Tier 1 Innovator Visa
This category is tailored to cater to businesspeople with more experience in their field. Details are as follows:
- At least £50,000 investment
- Applicants can live in the UK for three years with their families
- Applicants must work exclusively in developing their proposed business within the given period
- Residency extension after three years or to settle in the UK permanently is possible
Tier 1 Start-Up Visa
This visa category is made for early-stage entrepreneurs who are assessed to have high potential. Here are the details:
- No investment required
- Applicants can live with their families in the UK for two years while working exclusively on their business
- Applicants can update their visa to the Innovator category after two years
3. What are the benefits of UK residency?
Probably the most significant advantage of UK residency by investment is its role in helping applicants become naturalized citizens of the region.
It grants access to the required residency to gain Indefinite Leave to Remain (ILR), which is necessary for citizenship. After that, you’ll be able to work, study, and live as any UK citizen would without limitations or restrictions. This also means you can leave and return any time you want.
The best part is that you’ll get to reside in an economically and politically stable environment while enjoying high living standards and prime healthcare and education for your entire family.
As a bonus, you’ll also gain visa-free access to more than 175 countries, including Canada and European Union (EU) territories.
4. How to apply for British investor residency (3 steps)
Below are the steps you need to take when applying for a UK investor residency visa:
Step #1: Submit your application.
You can do this at any UK Consulate or Embassy in your origin country.
Step #2: Get an initial three-year visa.
If successful, you’ll get your initial three-year visa, which can be extended further as long as you maintain the necessary residency and investment requirements.
Step #3: Apply for ILR.
Depending on the amount you invested, you can apply for Indefinite Leave to Remain within:
- Five years for £2,000,000
- Three years for £5,000,000
- Two years for £10,000,000
A Final Word
UK residency is one of the most promising and rewarding of its kind in the world. If you want to become a part of this economy, make sure you understand everything there is to know about residency by investment programs.