Irrespective of the changes that were made in the Tier 1 Investor category, this visa is still one of the best options for wealthy foreign investors to immigrate to the United Kingdom. In return for investments, you will be able to apply with minimum requirements, bring your family and be almost unrestricted as to what you can do in the UK.
By investing in UK business from £2 to £10 million you get a ticket to a country with vast opportunities, high standards of education, safety and healthcare where you can work, study, start a business or enjoy life doing nothing. In 2, 3 or 5 years, depending on your investment, you can apply for indefinite leave to remain and get your money back. And last step, application for naturalisation and British passport, is available in 5 or 6 years after arriving to the UK.
Let’s go back to initial application for an investor visa. Though it is not difficult, there are still many questions that people might have. One of the most popular, what to do if I have money in another currency and not in pounds?
What currency can I invest in?
It is a common question because it is normal to keep money in Euro, USD or other currencies if you live outside the UK. But it is not a problem. You just need to be aware of certain things and make sure you comply.
The funds you intend to invest in a UK company or companies must meet some criteria. Full details can be found on the government website. Not to bore you with legal descriptions, we asked our friends from London-based company Imperial & Legal to help us understand the key points.
Can I invest in a foreign currency in order to get a UK investor visa?
Short answer is, yes you can. If your money is kept abroad in any freely convertible currency, all you need to do is make sure you have enough when converted to pound sterling on the date of application.
The only drawback is that you would be dependent on conversion rate. It means that one day you have sufficient funds, but on the date when you apply for an investor visa, you end up with less than minimum amount and must postpone the application till the rate changes in your favour or top up the balance on account.
How to check conversion rate on the date of application?
There is only one official website that would be used by the Home Office www.oanda.com to check historic rates for your Tier 1 Investor application.
What are other requirements to investment funds?
The key thing is to have access to the money, and it must not be pledged or encumbered in any way. If you rely on third party’s funding, fully or partially, immigration authorities in the UK must be sure that you can also access the funds without the owner being able to stop you from investing. It means the owner cannot withdraw the funds, spend or transfer them.
You must also comply with other requirements.
1. Money can be held on an account in another country. The main thing here is to show that it is freely transferable to an investment account in the UK within 3 months after moving to the United Kingdom on an investor visa.
Check if there is any currency control in your country or restrictions imposed by sanctions. If the answer is yes, you must obtain a letter from the bank giving you permission to transfer the money.
2. Remember about the source of funds – UK government is doing its best in fighting against money laundering. Therefore, if you cannot demonstrate that the money has been held on your account for at least 2 years, you must provide evidence of the source of funds such as memorandum of gift or sale agreement.
Investment immigration to the United Kingdom costs a lot of money. Therefore, if you are not a pro in UK immigration rules, you should talk to qualified lawyers from a reliable legal firm. They will help you prepare an application with all supporting documents, relocate to the UK with or without a family and invest efficiently. Rest assured that they a good immigration lawyer will support you every step of the way till you get permanent residence and finally British citizenship and passport.
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