Tuesday, August 16, 2022

Why UK Had Closed Tier 1 Investor Visa For New Applicants?

On the 17th of February, 2022 the Home Office decided to shut the Tier 1 (Investor) Visa route starting, on 17 February 2022, for new applicants. All applications received after this date will be deemed null and void. This option allowed applicants to stay in, and then move to the UK with any family members as long as they had have invested at least PS2 million in loan capital or shares in trading UK registered firms.

This route also permitted fast settlement for applicants in only two or three months for people who had invested PS10 million and PS5 million, respectively. This was in contrast to five years of the settlement of those who had invested PS2 million. After 12 months after the date of settlement, you were able to make an application for British Citizenship if they met the necessary criteria. you may also get a consultation with immigration solicitors London for more information or handle your case.

It is a standard procedure to ensure that it is standard practice that the Home Office publishes the Statements of Changes to the Immigration Rules before closing any visa route, so that immigration law professionals or prospective applicants as well as those already living currently in the UK in this particular route can take the necessary steps. But, in this instance, Home Office took the unprecedented step of closing the Tier 1 (Investor) Visa route. Home Office took the unprecedented decision of closing this Tier 1 (Investor) Visa route without prior notice.

In the home office’s announcement that was released on the 17th of February, 2022 the route was shut down due to security concerns. The report also mentions that “some incidents caused concerns over security, like people who received their money in a fraudulent manner and were associated with general corruption. Secretary of the Home Ministry Priti Patel stated:

I oppose the injustice of our immigration system. In my new Plan for Immigration, I will ensure that the British people are confident in the system. This includes stopping corrupt elites who compromise our security and spread dirty money through our cities.

“Closing this road is just the beginning of our ongoing campaign to stop fraud and illegal financial transactions. We’ll be releasing an action plan to combat fraud and the upcoming Economic Crime Bill will crackdown on those who are stealing from our financial institutions, and will better safeguard the taxpayer.”

In addition, as per the report, the route that was first introduced back in the year 2008 was under constant scrutiny from the Home Office, who further referenced the results from their study on all Tier 1 Investor visas granted between 2008 and April 5, 2015. This will be announced soon.

It is obvious that the reason for the closing of the road is to protect national security, violations of the route, and in particular to stop corrupt individuals who are bringing dirty money into the UK. But similar routes exist in various countries around the world. The most important thing is that these routes have always been condemned since they permit millionaires to purchase citizenship. Best immigration solicitors in UK are always here to guide you in any case.

There was always a concern about the source of this money from nationals of specific countries. It took more than 13 years to get the UK to shut down the route after its inception at the time of its introduction in 2008. However, Sir David Metcalf, who is the chair of the UK government’s Migration Advisory Committee, criticized the Tier 1 (Investor) Visa as “unfit for purpose in the year 2015.

After the route was shut down it has come under condemnation for cutting off the line without warning. It is the Immigration Law Practitioner’s Association (ILPA) that has been accusing Home Secretary Priti Patel of undermining democratic accountability procedures’ as well as any sense of security, certainty and predictability. They have also demanded an extension of 21 days to prevent any unfairness for those applicants who were nearing submission when the route closed.

Genuine investors who had planned their move several months ahead now face an abrupt stop without fault on their part. The decision to shut down the road without consultation or warning is undemocratic.

It is no doubt businesses that received orders from customers to apply for Tier 1 (Investor) visas and completed work following their instructions could be facing issues if a grace time is not granted or a transitional arrangement that is feasible is not declared through Home Office. Home Office.

You are still allowed to take in family members as well as extend the stay and be settled under this process between 17 February 2026 and 17 February 2028, based on the amount that is invested. But, aside from the shutting down of the route for newly-qualified applicants, the process is being revised to avoid abuse. it was announced by Home Office officials that Home Office that settlement will be contingent on the creation of genuine jobs, as well as other ‘tangible economic effects as well as investments in UK businesses, will no longer be sufficient to qualify for settlement. Additionally, it is expected that the Home Office plans to make adjustments in the Innovator route to create an investment option.

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