January 18, 2023
UK provides final response summarizing review findings for Tier 1 Investor Visa Route
Following a review of the Tier 1 Investor Visa Route ("the Route"), on January 12, the UK government provided its final response summarizing the findings and its decision to close this route permanently. The UK had operated some form of investor visa program for high-net-worth personal investment since 1994. The Tier 1 (Investor) Visa Route was launched on June 30, 2008. It has been subject to regular review, including, most recently, in 2018. The Route was ultimately closed on February 17, 2022, after the Russia-Ukraine crisis began. The Home Office has found that there are inherent difficulties in an investment-based immigration route based on passive wealth, both in terms of security and economic value.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert