Who wants to be a millionaire?

by Philip Jackson on December 8, 2014

MoneyNew changes under the Immigration Act 2014 seek to restrict the movement of people into the UK and are set to have a major impact on millionaire investors, businesses, entrepreneurs and migrants as a whole.

Investors from overseas will no longer be able to enter the UK under the Tier 1 investor programme on the basis of a £1 million investment, as the threshold has now been raised to £2 million.

Those that fall below this level will now have to apply under different categories instead, for example, by setting up in business under the Tier 1 Entrepreneur scheme, which requires an investment into a business of £200,000 (or £50,000 in certain limited circumstances).

The Tier 1 Entrepreneur scheme has also seen a number of technical changes, including the fortification of the so-called ‘genuine entrepreneur test’ and this is not the only area where this test of ‘genuineness’ has been introduced.

Tier 2 businesses that sponsor workers will now be required to prove that their vacancies are genuine and the applicants are suitable for the roles as well. Only time will tell as to how these subjective tests are applied.

Last but by no means least, a very large number of appeal rights have been done away with, making it all the more important for applicants not to make mistakes with their initial applications.

Any prospective applicants should take full and frank legal advice at as early a stage as possible therefore, particularly given the consequences of failure.

For more information on how Kidd Rapinet LLP can assist you please contact our specialist Immigration Department on 0207 925 0303 or at Immigration@kiddrapinet.co.uk.

Our team provides pragmatic and cost effective assistance to ensure all our clients’ immigration matters are managed expertly and efficiently.