NEWS & MEDIA
Statement of Changes – UK Tier 1 Investor Visa15 June 2018
The eagerly anticipated Statement of Changes to the Immigration Rules: HC1154 included two technical changes for UK Tier 1 (Investor) visa applicants.
Full statement of changes: https://www.gov.uk/government/publications/statement-of-changes-to-the-immigration-rules-hc1154-15-june-2018
Tier 1 (Investor)
7.11. The Tier 1 (Investor) category is for high net worth individuals making an investment of at least £2 million in the UK. The following changes are being made to this category:
– Applicants are required to maintain their investments. A change is being made to clarify that, while applicants may withdraw interest and dividend payments generated by their qualifying investments from their portfolios, they may not do so if these were generated before the applicant purchased the portfolio.
– As evidence of their investment, applicants must currently submit portfolio reports signed off by a financial institution regulated by the Financial Conduct Authority. A technical change is being made to require institutions to confirm that the funds have only been invested in qualifying investments, and that no loan has been secured against those funds. This change will put a further obligation on financial firms to scrutinise the suitability of applicants’ investments, in addition to their own due diligence.
Commenting on the changes, Farzin Yazdi Head of Shard Capital Investor Visa has said:
“I welcome these changes, especially the clarification that accrued interest now forms part of applicant’s investments. We also encourage Immigration Lawyers / Advisors to confirm that their clients Investment Managers are able to provide qualifying “signed off portfolio reports,” and letters stating that no loans have been secured against the client’s portfolio.
These new rules, coincide with the European Securities and Markets Authority (ESMA) which is also implementing borrowing and leverage restrictions. We continuously see UK Investor Visa applicants and their Investment Managers who dabble in this space making errors with regards to Investor Visa requirements on their investment portfolios and evidencing requirements. We are more than happy to review your clients investment compliance with the immigration rules in confidence with no obligation.”