News Archive - December 2018

UK "Golden Visa" Scheme Set to Be Reformed

18 Dec 2018 | Posted by Carl Thomas

As concerns around the UK work permit and other Immigration UK concepts continue to rise, Theresa May's government has revealed that the "golden visa" guidelines are set to be reformed.

Essentially, the change in UK visas will mean that the super-rich that want to live and invest in the UK will begin to face new restrictions as part of the overall reform to the Home Office's immigration policy. The idea is that by tightening the reigns around British naturalisation, the home office will be able to tackle issues like money laundering and crime.

Usually, the biggest concern for immigration is the tier 2 work permit. However, the issue that's under scrutiny for the golden visa is the tier 1 visa, which has come under scrutiny in the past for its ability to provide easy access to the UK for wealthy people looking for a simple way to launder stolen wealth. July 2018 figures showed a 46% increase in the number of people applying for the tier 1 immigration UK scheme.

The overall changes to the UK visas available after Brexit and in the years ahead come following a comprehensive government review of avenues offering indefinite leave to remain in the UK. According to the Immigration minister

Caroline Nokes, the UK will remain open to genuine and legitimate investors who are keen to help businesses and the economy grow. The new measures introduced into the Immigration strategy are designed to make sure that only the most genuine investors who want to support UK businesses will be able to get the visas that they need.

Going forward, applicants attempting to obtain a UK visa will not be able to invest in government bonds as part of the reform. Additionally, people applying for tier 1 visas will also be required to invest in active companies trading in the UK.