RSL Blog

Tier 1 Investors – time may be coming up for extension

Only a few hundred Tier 1 Investor visas are granted per year; not surprisingly perhaps bearing in mind that, as per the “new rules” from 6 November 2014, the minimum investment required is £2 million.

The Chinese currently lead the field, the Russians are second and Hong Kongers come third. Sharp readers will immediately spot the fact that Hong Kong is no longer a British colony but is now part of the People’s Republic of China, so the citizens of the People’s Republic collectively are doing well.

If a Tier 1 Investor visa is granted from outside the UK it is granted for three years and four months and if it is granted from within the UK it is granted for three years. If the applicant has invested £2 million and they are aiming for indefinite leave to remain/settlement in the UK then they will need to extend their visa so as to acquire five years’ continuous leave.

Some applicants submitted their application shortly before the magic date of 6 November 2014 because they wanted to apply under the old rules, which required a minimum investment of only£1 million. Such applicants have now reached the stage where they must submit their extension application or must at any rate start thinking about it.

Extension applicants have to show that they have invested their funds into appropriate investments and maintained the level of investment. If they have not met these requirements then their application is likely to be refused.

It is appropriate to seek advice from a good lawyer about this; mistakes are all but impossible to rectify.

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