All That You Must Know About the UK Permanent Residency

Image Credit: An investment programme for residence through investment is known as the UK Tier 1 Visa. It is possible for high-net-worth non-EU investors to live in the UK after making a sizeable financial investment here. The Tier 1 investors visa route has been closed as of February 17, 2022. Both new applications and switching from another category are not permitted. Before that date, applicants could extend their visas, apply for permanent residency, and bring their families.

What is Tier 1 Investor visa?

For wealthy foreigners wishing to relocate to Great Britain, this is a long-term settlement visa. The minimum investment required is £2 million, and the earlier you can apply for this if you invest more money. You can settle in the UK within 2 years after arrival, and it takes 5 years to become a citizen. You must make an investment in one or more UK-registered businesses, satisfy due diligence requirements, and open an investment account to be eligible for a Tier 1 Investor visa.  In return for your contribution, you will have virtually unrestricted freedom to do anything you want in the UK. The initial visa is granted for three years and four months, and it can be extended for an additional two years if you are not yet qualified to apply for ILR at that time. UK investor visa has lot of benefits as mentioned below:
  • High education standard and healthcare system
  • Access to various business opportunities throughout Europe
  • Dependents can be your spouse, children under and over 18 presently in the UK as your dependent
  • Applicants from outside of EEA (European Economic Area) and Switzerland
  • The travel security and mobility of a UK passport
  • Foreign nationals should apply for indefinite leave for Remaining to become permanent residents of the UK
  • Permanent residents can live, work and study without any restriction in the UK and also leave and return at any time
  • After holding permanent residence one can apply for citizenship for at least one year and for at least five years living in the UK.
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Requirements for this visa

  • If you are over 18, then can submit an application for UK visa for Tier 1 investor visa.
  • You must have £2 to £10 million or more
  • Your money should be held in a certain foreign or UK bank account.
  • You must demonstrate that the funds were obtained legally, such as through an inheritance or business dividends, if you have had them in a bank account as of the date of application for less than two years.
  • A marriage certificate or other proof of cohabitation is required if you use your spouse’s or partner’s funds, coupled with a sponsor’s letter granting you free access to the funds.
  • A letter from an authorised bank official is required, along with the opening of an investment account with a UK-based financial institution that is regulated.
  • UK banks will conduct background checks on all eligible clients which will be in your interest.
  • You must supply any criminal record certificate covering the previous 10 years in any other country where you lived more than 12 months.
  • For the application of Tier 1 Investor visa, you might be needed to do a tuberculosis test if you are coming from a listed country.
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