An initial Tier 1 Investor visa lasts for a total of 3 years and 4 months. Holders of the Tier 1 Investor visa may apply to extend their stay in the UK for a further 2 years under Tier 1, provided they can show they remain eligible. New rules took effect in 2019, imposing more stringent regulations and requirements on Tier 1 investor visa holders making renewal applications.
The Tier 1 investor visa extension process is highly involved. Applicant is required to prepare and submit extensive documentation to evidence their investment activity during the course of their stay in the UK.
The application process for extending of Investor visa is complex and, more demanding than the initial visa application. Criteria are strict, and the requirements on applicant to provide full and accurate supporting documentation relating to their UK investment activity during the period of leave are stringent.
The demands can be exacerbated if, as a result of poor advice as part of the initial Tier 1 Investor Visa application and supporting documentation has not been kept up to date. There is also the possibility that applicant may be invited to interview by the Home Office, to discuss in detail their application and investment activity to date.
How You can extend Tier 1 Investor visa?
If applicant have applied for and been granted a Tier 1 investor visa prior to the 29th March 2019, the previous rules will continue to apply in respect of visa extensions until 5th April 2023. Settlement applications can be made until 5th April 2025.
If their visa was granted prior to 6th November 2014, when the original £1 million threshold applied, the key dates to note are 6th April 2020 for extensions and 6th April 2022 for settlement. Applications made after these dates will be subject to the new rules.
Extension applications submitted abroad are granted for 2 years, to align with extensions made within the UK. Applicant is required to meet eligibility criteria and to submit a formal application to extend Tier 1 investor visa.
Extending a Tier 1 Investor Visa granted after 6th November 2014
To be eligible to extend your Tier 1 Investor Visa (granted after 6 November 2014) applicant must show:
What are the eligibility criteria?
There are restrictions on the type of investment the Home Office will consider as part of the qualifying sum of £1 million. Also, the minimum investment must not be invested in companies mainly engaged in property investment, property management or property development. The funds must also not be invested by using deposits with a bank, building society or other enterprise whose normal course of business includes the acceptance of deposits.
To qualify for an extension, applicant will need to demonstrate that applicant had invested the funds within 3 months (13 weeks) of their initial grant of leave as a Tier 1 (Investor) and ensured that the total investment is maintained at or above £1 million.
Applicant will be required to show that the minimum investment was maintained at that level throughout the period of their permission to stay (from the date that your investments were made).
The balance of funds is any further money necessary to bring the total funds invested by the applicant up to £1 million. If your investments total £1 million, no balance of funds is necessary. If the investments amount to between £750,000 and £1 million, you must provide evidence of the balance of the funds. Applicant must have maintained a balance of up to £250,000, depending on how much is required to bring their total investment in the United Kingdom up to £1 million. In these circumstances, they must provide supporting documentation.
What documents are required to support Tier 1 Investor Extension Visa Application?
The documentation applicant must provide includes evidence of the balance of funds and a portfolio of your investments, certified as correct by a UK regulated financial institution. The portfolio must meet stringent criteria to be eligible for submission.
In addition to their investment portfolio and evidence of the balance of funds, applicant will be required to submit the following original documents:
How long does a decision take?
Applicant can expect a decision to be made on your application within 8 weeks, or on the same day if they use the Super Premium Service.
In some circumstances, applicant may be contacted if their application will take longer because they need to attend an interview, or due to issues with supporting documents or personal circumstances.
Mann’s Solutions is international immigration law firm with offices in London, Hong Kong, Istanbul and St Petersburg and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration lawyers regulated by OISC (Office of the Immigration Services Commissioner).
For further information or to discuss your personal circumstances in a private consultation, please contact us at email@example.com or call +44 207 993 63 46