Following a review of the Tier 1 Investor Visa Route (“the Route”), on 12 January 2023, 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 30 June 2008. It has been subject to regular review, including, most recently, in 2018. The Route was ultimately closed on 17 February 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.
