Fortunately, for Tier 1 Investors who first qualified for this very advantageous visa, under the old criteria, they can still apply for extensions and Indefinite Leave to Remain under the old criteria.
However, they must take note of the cut-off dates for applications under the old investment amount.
Extension applications
If you are a Tier 1 Investor and need to extend your stay in the UK by relying on the old £1million investment requirement, you have until 6 April 2020 to submit your extension application.
Tier 1 Investor holders have not reached ILR yet, and who are not able to apply for an extension by this date, have to increase their investment to £2 million.
As the new investment criteria are much higher, we urge current Tier 1 Investor holders, who rely on the old investment amount and who need to extend, to act soon.
Tier 1 Investor Indefinite Leave to Remain applications
If you are a Tier 1 Investor and applying for Indefinite Leave to Remain (ILR), relying on the £1 million investment requirement, you have to submit the ILR application before 6 April 2022.
Persons who rely on the previous £1 million investment requirement for their ILR application, and who are not able to apply by 6 April 2022, will have to increase the investment amount to at least £2 million.
The harshest consequence for not making this cut-off date is that the qualifying period for ILR also restarts from the date you increase your investment amount. The previous time spent on the Tier 1 Investor route with a lesser investment amount will not count towards the ILR qualifying period.
It is therefore crucial that Tier 1 Investors double-check with their Breytenbachs immigration consultants that all documents are available and ready to submit by the relevant dates. You can read more about the Tier 1 Investor route at this link.
Please note that the information in this article does not constitute professional advice. It is provided for general information purposes, without giving any warranty of any kind, either expressed or implied.
For more information or help with your immigration matter, please send an email to info@bic-immigration.com or visit the Breytenbachs website at www.bic-immigration.com
