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Back in 2008, the UK announced its golden visa in order to stimulate foreign investment into the country.

A golden visa is a programme that typically allows wealthy people to gain residency in a country in exchange for a large investment. Across Europe, countries like Greece, Portugal and Malta all have their golden visa schemes, allowing them to attract more investment and high-net-worth individuals into the country.

For the UK, their golden visa, also known as the Tier 1 Investment Visa, allowed people to gain residency in the UK in exchange for a 拢2 million investment.

After a certain number of years, visa holders were able to apply for Indefinite Leave to Remain.

Why Are Golden Visas Beneficial?

Golden visas have historically been used to boost a country economically, drawing in foreign investment (and investors) to live and start businesses there.

For countries like Greece and Portugal who were on the brink of economic collapse, these visas have helped provide a boost to the country as well as more jobs for residents and increasing property value.

What Did You Need For The UK Tier 1 (Investor) Visa?

Back in the day, the UK Tier 1 (Investor) Visa was granted if you had 拢2 million to invest in UK companies. Unlike other golden visas, this 拢2 million could not be redeemed against property, but had to be invested in UK companies.

The visa allowed applicants to bring their family members along, as well as the option to apply for permanent residency after:

• 2 years (if investing 拢10 million or more).
• 3 years (拢5 million investment).
• 5 years (拢2 million investment).

Whilst the programme was initially popular, it later drew attention due to worries about money laundering and financial crime, as well as questions around who the government was letting into the country.

Why Did The UK Scrap The Golden Visa?

Back in February 2022 it was announced by the Home Office that the UK was scrapping the Tier 1 (Investor) Visa scheme for a few reasons:

It Wasn’t Working

Ultimately, one of the main reasons the visa was scrapped is because it wasn’t working. The Home Office reported that the visa actually wasn’t providing the level of economic growth and job opportunities they thought it would.

Money Laundering

Investigations around the visa found that it made the UK a target for money laundering. Reports suggested that the golden visas were being issued without the right background checks, making it susceptible to flooding the UK with ‘dirty money’.

National Security

As global political tensions started to rise, the UK wanted to limit the amount of money in the country from ‘hostile states’.

Between 2008 and 2020, over 2,500 Russian people were believed to have got a UK investor visa. Not only did it give them a path to citizenship, it also increased their financial influence in the UK.

This because particularly problematic during the start of the Russia-Ukraine war, when tensions began to rise between the countries.

What Happens To People Who Have The Tier 1 Investor Visa?

While you can’t apply for the UK golden visa now, if you had one already you can still extend for up to 2 years.

In addition to this, visa holders who have been in the UK for a continuous amount of time can also apply for indefinite leave to remain and even citizenship, depending on the amount they invested.

Alternatives To The UK Golden Visa

Although the Tier 1 Investor Visa has been scrapped, there are a few other ways entrepreneurs and investors can get access to the UK according to Cranbrook Legal.

1. Innovator Visa

• Needs at least 拢50,000 investment in a UK business.
• Valid for a maximum of 5 years.
• Entrepreneurs must establish a company in the UK and show how it’s inventive, feasible and scalable.

2. Start-up Visa

• No minimum investment.
• Valid for a maximum of 2 years.
• Designed for first-time entrepreneurs who can then apply for an innovator visa down the line.
• Must be endorsed by a business or accelerator.

3. Global Talent Visa

• No investment needed.
• Candidates must have to show that they are talented in one of the pre-agreed sectors.
• Valid for 3 years.

4. Scale-up Visa

• For people who can join and boost existing UK businesses.
• Needs a sponsor and a wage.
• Valid for 2 years.

Will The UK Ever Bring Back The Golden Visa?

Whilst some visas do still exist as a way to boost the country economically, most of these require the applicants to actively work to achieve this.

The golden visa in its previous form is unlikely to come back any time soon, especially as political tensions globally continue to rise and the UK’s national security is likely to be under threat.

The UK Golden Visa

The UK鈥檚 golden visa was once a popular way for high net worth individuals to gain residency but was scrapped due to increased risk of money laundering, national security and limited benefit.

For those looking to settle in the UK, lots of options exist to help to make the most of, and contribute to, one of Europe’s most exciting economies.