Details of Tier 1 Investor and Entrepreneur visas announced
The UKBA has announced further changes as part of its sweeping reforms to the immigration rules which are aimed at attracting investors and exceptionally talented individuals to the UK.Investors
The changes allow people entering the UK under Tier 1 (Investor) of the points based system to achieve Indefinite Leave to Remain (ILR) more quickly if they invest large sums of money. Investors who bring over £5 million will be eligible for ILR after three years. Those who bring over £10 million will only have to wait two years before being eligible for ILR.
Investors will also be eligible for reduced residency if they create at least 10 jobs or turnover £5 million in a three year period.
Whilst the standard investment threshold for an entrepreneur will remain at £200,000 this will be reduced to £50,000 where the funding was provided by a reputable backer, such as a government department or a venture capitalist.
Exceptional talent
As has previously been announced, there will be an allocation of 1,000 places a year for exceptionally talented individuals to come to the UK and details of this have no been confirmed.
700 of these places will be for people working ‘in the field of science’ and 300 for those working in the arts. Entry will be granted on a points-based assessment, however in order to get enough points to meet the criteria you must have been endorsed by a ‘Designated Competent Body’. Details of what makes up a Designated Competent Body will be confirmed on the UKBA website in due course.
People hoping to enter the country under the Exceptional Talent route will be expected to demonstrate a certain level of English language skills before being granted entry to the Uk.
The details of the announcement can be found on the UKBA website; the changes were laid before Parliament on 17 March 2011 and are due to come into effect on 6 April 2011.
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