News: Could the UK scrap Tier 1 investment visas?

Tue, 16 Feb 16

The UK could eventually scrap its Tier 1 investment visa, should a proposal that was put to parliament this month be approved.

An amendment to the 2015 Immigration Bill was tabled by Baroness Hamwee and Lord Paddick at the start of February, suggesting that the golden visa scheme be discontinued. The visa is given to investors if they invest more than £2 million in the UK, designed to attract high net worth individuals to the country’s housing market and economy.

The threshold was increased to £2 million in November 2014 from the previous £1 million barrier, which contributed a drop in the number applicants from overseas, although other factors, such as the fall in Russia’s rouble, have also dampened demand.

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