UK Home Office Defends Closure of Investor Visa, Signals New Provisions for Innovator Route
While it plans new provisions for the Innovator visa in the fall, the Home Office says these will not “accommodate would-be Tier 1 investors”.
The UK offers a path to permanent residency (ILR) and citizenship for qualified entrepreneurs who wish to start or invest in a new UK-based business through its Startup and Innovator visas.
The visas stand out for their surmountable investment requirements and short processing time.
Both types of visa are in the Active Investor category because they mandate hands-on business involvement from the applicant. Those looking for a passive-investment route to UK residency should consider the UK Investor Visa.
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Program Type | Active Investor Visa |
Time to citizenship | 6 years |
Time to permanent residency | 5 years |
Minimum investment | None for Startup, GBP 50,000 for Innovator |
Physical presence requirement | 183 days per year |
Application processing time | 2-3 weeks |
Citizenship grants visa-free travel to | 186 destinations, including Schengen countries and the US |
Contribution types available | Business Investment |
General program requirements
The UK’s Startup and Innovator visas are available to those who wish to either start or invest in a new UK-based business.
The applicant must be an instrumental part of the founding team of a startup that has three key characteristics; Innovative, Viable, and Scalable.
Startup Visa
For the Startup visa, no investment is required, though the applicant must show £1,270 proof of funds in a UK bank account.
The applicant must, moreover, obtain the approval of an endorsed UK higher education institution or from a business organization with a history of supporting UK entrepreneurs.
Innovator Visa
The applicant must invest at least £50,000 in a new UK-based business. The amount does not need to come directly from the applicant; externally sourced investment is possible.
As with the Startup visa, the Innovator visa applicants must show £1,270 proof of funds in a UK bank account.
Additional fees
£1,021 application fee;
£1,021 application fee for each qualifying dependent spouse and children under 18;
£1,872 per applicant health surcharge.
Program benefits
Requirements to qualify for citizenship
The Startup visa is valid for two years and the Innovator visa is valid for three years. A applicant on the Startup visa may convert to an Innovator visa after the two-year period has expired. The Innovator visa may be extended after three years.
After five years of continuous residency and not being absent from the UK for more than 180 days in any 12-month period, the applicant may apply for Indefinite Leave to Remain (ILR). After holding ILR for 12 months, the applicant may apply for citizenship.
The applicant must demonstrate proficiency in English and pass a Life in the UK test in order to be eligible for naturalization. Dual citizenship is allowed and the applicant must take an oath of allegiance when acquiring citizenship.
Legislation upon which this program is based:
Immigration Act 2016 Tier 1Entrepreneur Migrants 245D and Statement of changes to the Immigration Rules: HC 1919 (7 March 2019)
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While it plans new provisions for the Innovator visa in the fall, the Home Office says these will not “accommodate would-be Tier 1 investors”.
The ILPA, an influential group of lawyers, accuses the Home Secretary of flouting democratic convention by unilaterally closing the program.
The decision is reportedly motivated by a desire to cut economic ties to Russia and concerns the program is vulnerable to money laundering.
Abramovich recently picked up another citizenship by descent, this time in Portugal. Millions more should do the same, says David Lesperance.
The strong rebound, says Tolstaia, reflects the UK’s persisting status as a “magnet for international UHNWIs.”
Though the program closed in December, the Home Office has processed more than 20,000 Turkish Businessperson visas in 2021, rejecting nearly all.
Programs that offer citizenship within months in exchange for investments or donations, with minor/no physical presence requirements.
Programs that offer citizenship in exchange for investments following a 1-2 year period, with minor/no physical presence requirements.
Bulgaria Investor Program (discontinued)
Malta MEIN
Programs that offer residence permits within months in exchange for passive investments, with limited physical presence requirements.
Andorra Residence Without Lucrative Activity
Anguilla Permanent Residency Program
Australia BIIP Investor Streams
Bahamas Economic Permanent Residence
Brazil Investor Visa (VIPER)
Cayman Islands Investor Visa
Costa Rica Investor Visa
Curaçao Investor Permit Program
Cyprus Golden Visa
Greece Golden Visa
Guernsey Investor & Entrepreneur Residency
Ireland Immigrant Investor Program
Italy Investor Visa
Latvia Investor Visa
Luxembourg Investor Visa
Malaysia M2H Visa
Malta Permanent Residence Program
Mauritius Permanent Residency Program
Monaco Carte de Séjour
Netherlands Investor Visa
New Zealand Investor Visa
Nicaragua Investor Permanent Residency Program
Panama Qualified Investor Visa
Philippines Special Investor Residence Permit
Portugal Golden Visa
South Korea Investor Visa
Spain Golden Visa
Thailand Elite Residence Program
UK Investor Visa (discontinued)
United States EB-5
Programs that offer residence permits within months to those who can demonstrate income or personal wealth above a certain level, usually requiring that the holder not take up employment locally.
Argentina Rentista and Pensionado Residency
Greece FIP Visa
Indonesia Retirement Visa (KITAS)
Italy Elective Residency Visa
Jersey High Value Residency
Mexico Legal Residency Visa
Nicaragua Pensionado and Rentista Visas
Panama Rentista Retirado Visa
Paraguay Permanent Residency Program
Portugal D7 Visa
Spain Non-Lucrative Visa
Uruguay Independent Means Visa
Programs that offer residence permits within months to those who physically relocate to start and/or run a business. Startup and entrepreneur visas fall under this category.
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