On Feb 2022, the UK Government closed its long-running Tier 1 Investor visa route aka “Golden visa UK”. The Home Office said that the visa category had failed to deliver for the UK people and provided opportunities for corrupt elites to gain the access of the UK. Since its inception in 2008, the program had encouraged high-net-worth personal investment to the UK. The decision to end this visa scheme was taken on the grounds of national security.
The program was a part of UK Points-Based system designed for high net-worth individuals who can invest a minimum of £2 million in the UK. Approved investors would receive UK permanent residency in 5 years of residence and eventual citizenship in 6th year, if they invest £2 million in the UK. Applicants become eligible for settlement after 3 years, if they invest £5 million and settlement after 2 years by investing £10 million. However, at the outset of Russian-Ukraine war, UK Home Secretary Priti Patel announced the withdrawal of the pathway.
There are three alternatives to UK Golden Visa which you can pursue to achieve UK Permanent Residency.
UK Innovator Visa
UK government introduced UK Innovator Visa to replace its UK Entrepreneur Visa (Tier 1) for startup founders, entrepreneurs and business professionals. Under the visa, you can stay in the UK for three years with the provision of extension of additional three years. You can apply for settlement. To achieve the visa, you need to meet below requirements:
- Applicant must be a genuine Innovator Founder and meet the points requirements. Must score minimum 70 points to become eligible for the program.
Business plan: 30 Points
Business venture is innovative, viable and scalable: 20 Points
English Language requirement at level B2: 10 Points
Financial requirement: 10 Points
Total number of points required: 70 Points
- Unlike UK Golden visa requirements, your application must be endorsed by an Endorsing Body or Legacy Endorsing Body. An endorsement letter must confirm that the applicant is considered a fit for the program and validate the legitimacy of sources of funds
- Have a detailed business plan outlining day-to-day role in carrying out the business plan. Must have an innovative, viable and scalable business venture that meets the market needs and create a competitive advantage
- Applicant must demonstrate English language ability on the (CEFR) – Common European Framework of Reference for Languages in all 4 components with minimum level of B2.
- Must have funds of minimum of £1,270.
UK Global Talent Visa
The UK Global Talent Visa route is designed for extra-ordinary individuals who exceled and demonstrated exceptional talent in the field of science, medicine, engineering, social science, humanities, digital technology or arts and culture. Unlike Golden visa UK, there is no investment requirement.
Requirement Points available
Awarded a qualifying prize listed in Appendix Global Talent (No Endorsement) 70
Applicant has been granted an endorsement letter by an endorsing body 70
Applicant met the criteria for an extension of endorsement 70
Total number of points required in each case 70
- Applicants must demonstrate themselves as recognized leader or extraordinary
- Must identify the endorsing body as per your profile and apply for a Global Talent endorsement online on the government website
- Once you application is evaluated and satisfied with suitability and eligibility requirements, the application will be granted approval.
- If the application is refused, applicant can apply for an Administrative Review
UK Scale-up Visa
As a UK Golden Visa alternative, the UK Scale-up visa route is for talented applicants with relevant skills recruited by a UK Scale-up Sponsor to enable scale-up business to continue growing. Applicant must have a high-skilled job offer from a qualifying Scale-up business with required salary level.
- Must score 70 points from Scale-up point calculator either sponsorship or unsponsored application along with language and financial requirement
- The applicant must have Certificate of Sponsorship for the proposed job
- Applicant obtain entry clearance as a Scale-up Worker before they arrive in the UK.
- Must provide a valid medical certificate validating that they have undergone evaluation for active pulmonary tuberculosis.
UK Permanent Residency
All these pathways will allow the applicants to achieve UK Permanent Residency also known as “indefinite Leave to Remain (ILR)” after staying in the UK for specified period of time according to the pathway requirements. Once you stay in the UK for the initial duration of the visa pathway, either you can apply for the extension or apply for the ILR online. Applicants for ILR may need to demonstrate English language proficiency and clear “Life in the UK” test. Once they qualify, they are issued a Biometric Residence Permit confirming their permanent status in the UK. Dependents of applicants with ILR may also be eligible for settlement. Upon achieving ILR, after one year of residence, applicants are eligible to apply for British citizenship.
If you wish to know more about the UK PR Visa or UK Golden visa requirements, you can reach our experts at 8595338595 or mail us at [email protected]