The UK has abolished the Golden visa scheme (tier1 investor route) amidst security concerns according to the latest announcement from the government.
From 16:00 GMT on 17th February 2022 the Tier 1 (Investor) Migrant route is closed to new initial applications for entry clearance or leave to remain. If you make such an application after this date and time it will be void and not considered. This includes no longer being able to switch into this route from other routes.
All applicants for entry clearance must have leave as a Tier 1 (Investor) Migrant on, or must have had such leave within the last 12 months immediately before, the date of application. The application must be made before 17th February 2026. Entry clearance will be granted for a period of 2 years.
Applicants for leave to remain must have, or have last had entry clearance, leave to enter or leave to remain as a Tier 1 (Investor) Migrant (in the 12 months immediately before the date of application). The application must be made before 17th February 2026. Entry clearance will be granted for a period of 2 years.
Applications for settlement (indefinite leave to remain) must be made before 17th February 2028.
The UK Government first launched the high value investor visa scheme on 1 October 1994 running for almost 27 years. The UK tier1 investor (Golden visa) program has received approximately £17m investment from foreign investors in the past decade.
The Home Secretary has taken decisive action to shut down the Tier1 Investor visa route to all new applicants from all nationalities with immediate effect preventing corrupt elites to access the UK.
The route had allowed entry and stay in the UK if an applicant invested £2m funds in share capital or loan capital in active and trading UK registered companies.
According to the UK visa statistics, little over 200 investor visas have been granted for 2021, mainly to wealthy chinese, russians.
With UK out of the golden visa picture, Ireland remains another attractive choice for foreign investors seeking a golden visa. Ireland requires 1m euro invested in investment funds or 400,000 euro in donation charities.
Closing this route is just the start of our renewed crackdown on fraud and illicit finance.
– Priti Patel
The official announcement is available here