Tracy Evlogidis, Partner at Speechly Bircham comments on the governments announcement of changes to Tier 1 of the immigration cap
Tracy Evlogidis, Partner at Speechly Bircham comments on the government’s announcement of changes to Tier 1 of the immigration cap:
The proposed changes are exceptionally good news for high net-worth individuals. They demonstrate the Government’s genuine intention for the UK to become a destination of choice for high net-worth individuals and their families, who will now obtain real advantages in return for investing in the UK. Substantial investors will welcome the new fast-track routes to settlement and the category is an excellent means of generating investment in the UK.
“The proposed change to the rule on absences outside of the UK reflects the needs of high net-worth individuals who regularly travel overseas on a frequent basis. This new degree of flexibility will allow them to conduct their international affairs whilst living in the UK and eventually settling here.
‘”The UK now compares favourably with other top destinations for high net-worth individuals. In particular, investors coming to the UK do not need to demonstrate that they have 2 years (in the last 5 years) of prior business management experience as is required by Canadian immigration law and they will also be able to choose whether to invest in UK government bonds or in active trading companies, whereas under the Canadian Investment Program, individuals must lend directly to the Canadian Government at zero percent interest, and there are very specific rules governing the types of qualifying investments that can be made in Switzerland.”
Comments on the changes to the entrepreneur rules:
“This is a very encouraging change for entrepreneurs who are thinking about coming to the UK to invest and to settle. Entrepreneurs will enjoy the advantages of a speedier route to settlement and flexibility in terms of permitted absences from the UK, and the UK economy will benefit greatly from job-generating entrepreneurial activities. An influx of business-savvy innovators is exactly what the UK needs at a time when the economy is faltering and our businesses are finding it increasingly difficult to compete with companies from overseas.”