The UK Introduces New Immigration System
On 18 February 2020 the Home Office has introduced new Immigration rules valid from 31 December 2020.
Below we will go through the main changes under the new rules, which will affect the Investor Immigration sector.
1. The UK immigration will operate on a points-based system, whereby the foreign immigrants would have to score 70 points to get the UK visa. Among the requirements will be a knowledge of English and a secured skilled job offer with a salary of over £25,600/annum.
2. EU visitors will be able to come to the UK as visitors for up to 6 months. However, they will not be able to settle, work or study in the UK.
3. The new system will treat the EU and non-EU citizens equally when it comes to visa applications, which is not advantageous for EU citizens at all.
4. EU nationals living in the UK by 31.12.20 will be able to apply for the EU Settlement Scheme to continue living in the UK.
5. Irish citizens will continue to be able to enter the UK and live here as they do now.
Below are some of the main implications of the immigration changes in the UK for the Citizenship by investment industry globally.
1. For the EU citizens planning to relocate to the UK, it is important to move permanently to the UK before the end of 2020 to be able to qualify for the EU Settlement Scheme without the need for any additional visas, language test requirements and other new rules.
2. The Irish Residence by investment program is likely to become more popular as Irish passport holders will be able to continue living in the EU and the UK without changes. Find out more about the Irish Residence by Investment program here.
Caribbean citizenship by investment programs will benefit from this division and the upcoming immigration battle between the UK and the EU as citizens of these countries will continue travelling to the UK and the Schengen states visa-free. More information on the Caribbean programs can be found here.