Overview: UK Golden Visa Closure
The UK’s Tier 1 investment visa, also known as the “Golden Visa,” was cancelled due to geopolitical concerns when Home Secretary Priti Patel announced its immediate closure.
The Golden Visa was granted to wealthy individuals willing to invest a minimum of £2 million in the UK. It was part of the UK Points-Based System, allowing faster settlement and eventual British citizenship based on investment amount.
Three Alternative Options for High-Net-Worth Individuals
1. UK Global Talent Visa
This visa is open to experts in arts, culture, and digital technology and requires endorsement by a recognized organization. It is granted in five-year intervals and can be renewed on expiry.
Advisory bodies include:
- Arts Council England (Arts & Culture)
- Royal Academy of Engineering
- Royal Society
- UK Research and Innovation (UKRI)
- Tech Nation (Digital Technology)
- British Academy
2. UK Scale-Up Visa
The Scale-Up route promotes innovation by simplifying how scale-up enterprises bring in highly skilled and academically elite individuals to the UK.
Scale-up company criteria include:
- Average revenue or employment growth rate of over 20% over 3 years
- At least 10 employees at the start of the 3-year period
3. UK Innovator Visa
The Innovator Visa is generally for experienced businesspeople who want to launch a company in the UK. Applicants may stay in the UK for up to five years with their family, after which they can apply for Indefinite Leave to Remain (ILR).
To Know More About the Application Process and Your Eligibility
You can contact expert consultants at:
- Phone: +91-9019-400-500
- Email: [email protected]
FAQs
Q1. What changed after the UK Golden Visa (Tier 1 Investor) was cancelled?
A. The £2 million investment route closed. High-net-worth applicants now consider Global Talent, Scale-Up, or Innovator pathways depending on expertise, business plans, and company status.
Q2. Which alternative route is fastest for settlement?
A. Timelines vary by route and individual profile. Strong business growth and endorsements can support faster progression to ILR compared with general work routes.
Q3. Do these alternatives require endorsement?
A. Global Talent and Innovator generally require endorsement. Scale-Up requires joining a qualifying scale-up company that meets growth criteria.
Q4. Can my family accompany me?
A. Yes, eligible dependants (spouse/partner and children) can usually accompany applicants under Global Talent, Scale-Up, and Innovator routes, subject to maintenance and documentation requirements.
