The minimum investment for a Tier 1 (Investor) went up from £1 million to £2 million in November 2014. Existing visa holders did not have to increase their investment. They could apply for ILR, and as the qualifying period is five years, most £1m will have qualified now. There are still some with limited leave, who have kept on extending their original visa, on the basis of their £1m investment. Usually, they have not qualified for ILR because:
- they had absences from the UK of more than 180 days per year
- Their English is not at an acceptable level;
- they are aged under 65 and unable to pass the Life in the UK test.
During this year, the Home Office has made further changes to this route.
The result is that that many investors who entered before March 2019 will not be able to secure ILR beyond a certain date, without making changes to their investment portfolio or increasing the level of their investment.
An investor who wishes to extend their stay based on a £1m investment needs to file their application before 6th April 2020. After that date, they would need to increase their investment to £2m or more to be eligible. A £1m investor making an ILR application needs to file an application before 6th April 2022.
Increasing investment is not enough. They only qualify for ILR when they have reached the relevant qualifying period from the date of their investment increasing: that is five years for £2m, three years for £5m, or two years for £10m). Time already spent will no longer count.
Scarsdale Solicitors – Manchester, Rochdale and Oldham
If you need assistance or help from Rochdale immigration solicitors, Manchester Immigration solicitors or Oldham immigration solicitors, call Scarsdale Solicitors Manchester, Scarsdale Solicitors Oldham & Scarsdale Solicitors Rochdale now on 0161 660 6050.
