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The number of Chinese high-net-worth individuals applying to live in the UK has risen, despite restrictions on international travel. More millionaires from mainland China and Hong Kong applied to settle in the UK in the third quarter of last year than from any other nation, latest statistics show.
The applicants used the Tier 1 (Investor) visas route, which allows wealthy foreign individuals to settle in the UK if they have a minimum of £2m to invest in qualifying assets in Britain.
Wealthy citizens from Russia and the USA also figured highly in the statistics, which showed a marked rise in investor visa applications from the first half of the year. In the first quarter, 45 people applied, in the second quarter only 23 applied but in Q3, there were 96 applications for Tier 1 Investor visas. Of these 23 applicants were from mainland China and 20 were from Hong Kong, around 45 percent of the total. Russians and Americans made the next highest percentage with nine applications each.
While the numbers are still low, they suggest a resurgence in interest in the UK as a destination for the world’s wealthy. The Tier 1 (Investor) category is popular with wealthy migrants as it is the most flexible visa category. It allows the applicant and their dependants to undertake employment, self-employment, study or be self-sufficient in the UK, as long as they have the required funds to invest.
Immigration specialist Yash Dubal, director of A Y & J Solicitors, said: “The increase in investor visas shows that there is still confidence in the UK as a safe place to settle and invest. The UK education system has always been a big draw for our clients and families looking to relocate from other parts of the world and this remains the case despite the pandemic.
“This is an interesting pattern to watch because as virtual working becomes more common, people are less bound by geography. For some sectors, remote working is entirely possible and so if you have the right level of funds, you can theoretically work from anywhere in the world and pick what country you want to settle in.”
Other reasons cited for the upswing in investors coming to the UK from around the world include quality of life, geography, access to London’s financial centre, political and legal stability and a well-developed private healthcare system.
When final Tier 1 Investor visa numbers for 2020 are released there is still expected to be a drop on numbers from previous years. In 2018 there were 376 such visas issued, in 2019 there were 360. In the first three quarters of 2020 there were a total of 164.
Mr Dubal said: “There is still an appetite for UK investor visas and while the figures will most likely rise slowly for the rest of 2021 because most nations will still have restrictions in place, once international recommences with the roll out of vaccines, we can expect to see a big surge in applications as those who have put their plans on hold are finally free to travel again.”
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