The closure of the Tier 1 (Investor) visa route to new applicants was announced with immediate effect on 17 February 2022.  We take a look at the implications of this and what new immigration routes may be in the pipeline.

INVESTOR VISA ROUTE CLOSED 

The closure of the Tier 1 (Investor) visa route to new applicants was announced with immediate effect on 17 February 2022. Sometimes referred to as the 'golden visa', it provided a route to enter and stay in the UK for those with £2 million or more available to invest. No official advance notice of the change was provided. Migrants who already have Investor visas will still be able to apply to extend their stay. 

The Home Office has explained the unusually hasty closure of the Investor visa route as necessary so as to avoid a 'closing-down sale' with a rush of new applicants. The justification given for closing the route was concerns over the association between migrants on these visas and the movement of illicitly obtained wealth to the UK. The government specifically cited concerns raised by the Intelligence and Security Committee's Russia report.

The sudden removal of the Investor visa route will have a disruptive impact on a number of businesses and high-net worth individuals. The Immigration Law Practitioners Association (ILPA) has responded to this development by writing to the Home Secretary to express concern. ILPA have emphasised that the visa route has been closed to all applicants, regardless of nationality, and without any advance notice.

EXPANSION OF INNOVATOR VISA ROUTE

When the Home Office closed the door on the Investor route, it simultaneously announced plans to expand the existing Innovator route to provide for investment related migration. This expansion is expected to somewhat fill the space left behind by the Investor route. It is intended to offer a route for overseas nationals with a track record of investment activity to enter and stay in the UK. The changes to the Innovator visa are expected to be introduced in Autumn 2022. 

This does however leave a gap during which it will be difficult for certain migrants who would have been eligible under the Investor route to secure a visa. In particular, this will impact self-employed business people who do not have an employer to sponsor them.

NEW VISAS INCOMING

There are other reforms in the pipeline, with the following new immigration routes due to be introduced in Spring 2022. 

• High Potential Individual Visa – Targeted at graduates from top universities who are looking to relocate to the UK, but may not yet have a job offer. The government has indicated that this route may also be open to other individuals with 'characteristics of high potential'.
• Global Business Mobility Visa – Intended primarily for workers transferring to the UK from overseas businesses. This new visa is meant to consolidate a number of existing business immigration routes. The visa will require sponsorship, meaning that the applicant's employer must have a sponsor licence.
• Scale-up Visa – Aimed at applicants recruited for highly-skilled jobs with companies in the scale-up stage. This route is not expected to require sponsorship.

Full criteria and details of these visas are expected to be announced shortly.