The United Kingdom has a long, indisputable legacy that has influenced the making of its people and the people of the world. The erstwhile Great British Empire, for good and bad reasons, continues to remain one of the most revolutionizing human civilizations known for its endurance and longevity.
Today, however, the country is much more than its imperial self of the past. It is a country with a very high standard of living, a thriving community of immigrants, a lovely blend of the past and the present, a historically decorated Higher Education system, and whatnot. Moreover, it is one of the best-performing economies in the world. With so much to offer, its Citizenship by Investment program is guaranteed to be a success.
Investors want opportunities, and the United Kingdom provides them with plenty. But how are these investors supposed to take advantage of these provisions? They should know a few things about the country’s Citizenship by Investment program. Here is a quick look at a few pointers about the program:
A Brief Introduction
To bring more clarity, a few introductory lines must be written about the program. The UK Citizenship by Investment Program, also known as the UK Investment Visa, is a Tier 1 visa that is extended to high-net-worth individuals in consideration of certain investments made into the British economy. Under this program, you are not directly eligible for citizenship. Still, you will have to live in the country and make specific contributions for some time before applying.
What are the investment requirements?
As evident from the program’s name, the application’s successful processing depends primarily on the investments made. Under the program, the applicant is required to contribute a minimum of € 2 million in select options. These options include investment in an active locally registered company and UK corporate bonds. Earlier, an option to invest in government bonds was also available but has been discontinued since 2019. Note that the applicant will get an Indefinite Leave to Remain (ILR) in the country depending on the amount you invest. For example, you will be extended an ILR after five years upon investing € 2 million and after three years upon investing € 5 million.
Other conditions
To apply for the Investor Visa, you must also satisfy many other conditions. The applicant must be of 18 years of age or above and must come with no criminal record. Applicants should be in the position to prove that their source of income is legal so is the contribution made under the program. You must have a bank account in the country for the usage of the funds, and your funds must be disposable in the country. Also, you must not come from a member country of the EEA or Switzerland. A residency requirement is not commonly found in other countries’ citizenship by investment programs. To apply for permanent residency, you will have to spend time here.
Documents to be furnished
For the purpose of inspection, you will have to furnish a set of documents. There may be additions to this set depending on the case at hand. Generally speaking, the applicant must submit a certified copy of a passport, tuberculosis test results, a police clearance certificate from a country where they have stayed for at least a year in the last decade, a statement of income and its sources, and documents of their family members. You should note that all your documents must be translated into English or Welsh.
How to turn it into a citizenship
As I said before, the Investor Visa is a step toward citizenship. For the applicant to get UK citizenship, they will need a settlement permit that is only provided after a certain period of time and depends on the amount invested under the Investor Visa. For instance, an investment of € 2 million will make you eligible to apply for the permit after two years. However, an investment of € 10 million will make you eligible only after five years.
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