Known to most people as the UK golden visa, it is more precisely called the Tier 1 Investor Visa. This has been an important avenue through which high-net-worth persons have gained residency status in the United Kingdom. This visa has allowed high-net-worth individuals to invest vast sums of money into the UK’s economy for many years to get permanent residence and eventually citizenship. Interest in the UK Golden Visa is high, but its discontinuation has applicants seeking other pathways, including a UK self-employed visa. This article covers the UK Golden Visa, its application process, and how the UK self-employed visa can be an attractive alternative for entrepreneurs and investors.
Understanding the UK Golden Visa
UK’s Golden Visa is a unique immigration route designed for those who can make a significant financial investment in the United Kingdom. This visa type is for people with sufficient funds to invest at least £2 million in the United Kingdom. The applicants need to invest in government bonds and actively trading UK-registered company shares or loan capital. While the UK Golden Visa is not a direct residency route, if the applicant qualifies financially and heeds the conditions attached to this visa, it can be said to be among the more direct paths to residency.
It allows holders to bring their family members—spouses and children—to the UK. Hence, it is an attractive way for people to give their families a promising future in one of the world’s most stable and prosperous economies.
UK Golden Visa Application Process
The UK Golden Visa application process is long and tedious, requiring attention to detail at each step. First and foremost, an applicant has to prove the availability of funds for investment. The funds should be held in a regulated institution and, in turn, be disposable in the UK. The application requires a background check, whereby the source of the funds is verified to ensure it is clean and crime-free.
After the initial application, applicants must show that they can invest the amount concerned within three months of arriving in the UK. Otherwise, their visa may be revoked. After the individuals have made an investment, the visa holder must keep his or her investment in the UK throughout his or her stay. The UK Golden Visa offers residency for three years, with an extension option if they still meet the required investment criteria.
Transitioning to Permanent Residence and British Citizenship
One fundamental advantage related to the UK Golden Visa is the opportunity to transition to permanent residence and, finally, British citizenship. In the case of continuous five years of residency in the UK, visa holders can apply for Indefinite Leave to Remain provided residency requirements are followed and the investment is maintained throughout. If the amounts put into the economy are larger—£5 million or £10 million—the hold shall be shorter, opening up ILR in three or two years correspondingly.
On the other hand, within 12 months after being awarded ILR, a person may apply for British citizenship, subject to the relevant qualification criteria. It will include English language knowledge testing, passing the Life in the UK test, and satisfying the residency requirements. Consequently, obtaining a UK Golden Visa opens up a clear and relatively fast track to British citizenship for those who can otherwise meet relevant financial and residency conditions.
The UK Self-Employed Visa: An Attractive Alternative
While the UK Golden Visa has long been the choice of many a high net-worth individual looking for residency in the UK, the UK self-employed visa is an attractive alternative for entrepreneurs and businesspeople. Unlike the UK Golden Visa, which requires one to make a sizeable financial investment, the UK self-employed visa provides a means to establish or expand a business in the UK as the basis for obtaining residency. Perfect is this route for those who do not have the vast sums required for a golden visa but have the skills, business acumen, and drive that will contribute to the UK economy.
Therefore, the UK self-employed visa is not a type of visa in its real sense; instead, it is a route through which entrepreneurs can either set up or expand their business in the UK. This is attained through self-sponsorship. In this unique route, people establish a UK-based limited company to sponsor their work visa. Such flexibility makes this route a versatile option for entering the UK market without requiring significant upfront investments.
Why is the UK Self-Employed Visa a Better Route?
There could be several reasons why the UK self-employed visa may be better for applicants than the UK Golden Visa. The first is accessibility. While the UK Golden Visa requires a minimum investment of £2 million, people can invest in their businesses on the self-employed visa route. The amount is driven by the needs of the business rather than a threshold value. Hence, it is much easier for many entrepreneurs and small business owners to pursue.
This ties the business’s success to the self-employed UK visa and motivates the individual to do more to ensure their business work in the UK market. Compared to the UK Golden Visa, which mainly requires investing money, the self-employed visa route requires the applicant to be actively engaged in the economy of the UK, creating employment, working for the betterment of the economy, and feeling personally fulfilled and financially satisfied.
Furthermore, the UK self-employed visa pathway gives a sense of ownership and control that the UK Golden Visa does not. One will feel the ability to succeed by setting up or expanding a business in the United Kingdom. In most cases, this attracts people who have an interest in entrepreneurship, as it provides them with the opportunity to turn ideas into businesses while at the same time securing residence in the UK.
UK Self-Employed Visa Application Process
The application process for the UK self-employed visa category involves some steps. First, a viable plan must be created that meets the UK government’s requirements. This plan will reflect potential growth and a possible contribution to economic development.
This will be followed by forming a UK-based company to sponsor the person’s work visa. This will involve registering a company, opening a UK bank account, and complying with UK tax and employment laws. Once the company is set up, a work visa in the correct category, such as the Skilled Worker Visa, can be applied for using this company as the sponsor.
While it requires careful planning and execution, this pathway to a UK self-employed visa allows one to seek residency in the UK while building a successful business. Unlike the UK Golden Visa, which mostly favours high-net-worth people, this pathway to a self-employed visa will be available to everyone, including those with limited initial capital but viable business ideas.
Legal Considerations and the Role of A Y & J Solicitors
Navigating the complexities of UK immigration law can be overwhelming, not to mention selecting from the available visa options. The UK Golden Visa and the UK self-employed visa require expert legal advice to meet all legal requirements and maximize the potential for a successful application. A Y & J Solicitors can provide this invaluable help.
A Y & J Solicitors is an immigration law firm that deals with UK business immigration. Their experienced solicitors can represent clients from the outset of their business, through detailed consultation and business planning, to subsequent visa applications and any compliance demanded in the future. With the immense knowledge of UK immigration law, experienced solicitors of A Y & J Solicitors will be able to guide their clients on the most relevant ways of obtaining a UK visa, whether it is a UK Golden Visa or a UK Self-Employed Visa.
While the UK Golden Visa was popular, it is still one of the most popular choices among high-net-worth individuals looking to reside in the UK; for entrepreneurs and business owners, however, the UK self-employed visa is a very attractive alternative. This self-employed visa route provides the opportunity to establish or expand a business in the country and offers a more within-reach, fulfilling route toward residence in the UK. The complexities that characterize the process of making an application call for expert legal guidance, and in this regard, A Y & J Solicitors are well-placed with support and expertise to help one navigate the process successfully.
Dariel Campbell is currently an English instructor at a university. She has experience in teaching and assessing English tests including TOEFL, IELTS, BULATS, FCE, CAE, and PTEG. With over a decade of teaching expertise, Dariel Campbell utilizes his knowledge to develop English lessons for her audience on English Overview.
