Is Britain still open for business?
When new rules are announced, it takes time for advisors and clients to fully understand them – and their subsequent implications. This time is no different. Many are still coming to terms with the implications of showing source of wealth for 2ys.
I’ve had more than one client explain to me that their cash has only been held for a short period of time, but they will seek to apply once it has been there for 2ys! In fact, from a financial perspective nothing has changed. Immigration rules have aligned closer to those in the financial world.
Today’s data release reminds me of the pre Nov 2014 rush we saw ahead of the increase of minimum investment from £1m to £2m – and the results are similar too. In 2014 from Q3 to Q4 we saw numbers double. This morning’s data release show an increase of over 40% from last quarter with 131 visas granted – with nearly 60% of all applicants coming from China*.
And what a memorable quarter it has been; with the Statement of Changes on March 7 and new rules going live on the 29th of March.
New record – 131 Investor Visas granted in Q1 2019
Given the above, I expect a few slower quarters before a return to the mean, which I believe will be a slightly higher average as some who may have chosen the Tier 1 (Entrepreneur) Visa, may now choose the Investor Visa category.
Managing money for Investor Visa purposes is a specialist service which differs significantly from ordinary investment management; requiring detailed knowledge, expertise, and capabilities in other areas in order to achieve with the ultimate objective – to get ILR.
Overall I welcome the new rules, and whilst not perfect, it does help to protect the UK from unscrupulous sources of wealth and bring greater economic benefit to the country.
Thank you again to all those who took part in our survey. Together we have made a difference!