The UK Home Secretary shut the Tier 1 Investor visa with immediate effect from 17th February 2022. The reason of closure is that some cases had given rise to security concerns. Some applicants attempted to acquire wealth illegitimately or being associated with corruption.
HISTORY OF TIER 1 INVESTOR VISA:
The route had allowed entry and stay in the UK if an applicant invested funds in share capital or loan capital in active and trading UK registered companies. It primarily targeted wealthy investors outside the EU. Holders of the visa can apply for permanent residency in the UK, at a speed depending on how much they invest.
Since its introduction, the Tier 1 Investor via route has been reformed to improve its value to the UK economy and to reduce the exposure of the route to illicit finance. However, the decision of closure comes ultimately. A report of those who already came to UK on Tier 1 visa has been urged for.
Closing the Tier 1 route is just the start of UK's renewed crackdown on fraud and illicit finance. The Home Office is going to launch a new point-based immigration system with a fraud action plan, and the Innovator visa, as a part of it, is being reformed. Passively holding UK investments will no longer be enough to obtain settlement. The new system aims to provide an ambitious investment route which will support UK’s economy more effectively.