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Anyone contemplating the UK Tier 1 immigrant visaprogramme for entrepreneurs needs to take careful advice before embarking on such a project. For many years the UK Tier 1 was an easy ticket. Invest £200,000 in a business and gain residency in the UK for at least three years. According the the Independent Migration Advisory Committee a total of 13,746 UK Tier 1 investor visas had been issued since 2008 but only 1,580 active companies had been set up by the process. The committee said it had found “substantial evidence of low quality businesses” set up by such entrepreneurs. Read article in Financial Times. In 2015 the UK government introduced the “Genuine Entrepreneur Test” which has made it far more difficult for investors to meet the criteria of the programme. In a bid to reduce fraudulent applicants a business plan was made compulsory for all investors. Applications are studied in detail by immigration officers and investors need to demonstrate their ability to start a business in the UK and provide evidence of source of funds. The rejection rate for applications recently was around 70%. For some time now immigration has been a hot topic for the government and was the single key issue that led to the recent referendum on the UK leaving the EU. The recent case of the Canadian family who entered the UK on a Tier 1 investor visaonly to have their renewal refused this year is further evidence of a tightening of the rules by the British government. If the failure rate was 70% before this point then it is only likely to rise further after the historic UK vote on 23 June 2016 to leave the EU. While it is still possible to apply for the programme applicants risk losing substantial fees to lawyers and advisors who typically charge a £15,000 non-refundable fee to submit an application that has little chance of success. Contrast this with the golden visa programmes elsewhere in Europe where a straightforward investment in real estate is guaranteed to gain a residency visa with 100% success. It is clear the UK Tier 1 needs a complete overhaul and that the UK government currently has no appetite for immigration in any form. Wealthy investors are being deterred from UK immigration and this is unlikely to change for some years until the UK has finally left the EU and formulated a coherent investor immigration policy.
Cyprus Golden Visa Cyprus. Permanent Residency €300,000. EU Citizenship €2.0 million. Cyprus offers two golden visa programs through real estate investment. One for permanent residency and one for citizenship. The two Cypriot immigration investment schemes are fast and efficient at granting a residency permit and second passport. Cyprus is a full member of the European Union and English is widely spoken on the island.
Permanent Residency Cyprus Applicants can secure permanent residency in Cyprus through investment in real estate. The programme is one of the fastest and simplest investor visa programmes in Europe. It requires investment of just €300,000 into property to gain the Cyprus residency permit. The residency visa is granted within two months and covers the whole family. It includes parents of both the main applicant and spouse plus dependent children up to the age of 25. It is valid for life and can be passed down to dependents and spouse. The permanent residency programme offers ease of travel throughout the European Union and requires just one visit to Cyprus by all family members once every two years. The investment may be made by a company for which the main applicant and spouse are beneficial owners. The investment can be in to a maximum of two properties provided they reach the €300,000 permanent residency limit. The properties purchased must be brand new. Key Facts – Permanent Residency · Investment of €300,000 (plus costs and taxes) · Full family qualification (Grandparents, Parents + Children up to Age 25) · Visit required once every two years. · Ease of travel throughout European Union · Simple, fast process (2 months) · Investment into new property
Citizenship by Investment Cyprus Cyprus offers the quickest, most assured route to European citizenship and a second passport through the Cypriot citizenship by investment programme. An investment of €2.0 million in real estate is required. Cyprus is unique in its offering of citizenship within just 2-3 months of such an investment. This grants a Cypriot passport and EU citizenship, allowing the freedom to work, travel, study and live anywhere within the EU including countries such as Germany, France and the UK. The investment can be reduced down after 3 years to just €500,000. Key Facts – Citizenship by Investment · Investment of €2.0 million · Full family qualification (Children up to Age 28) · Flexible. No requirement to reside. · Full member of the European Union · Simple, fast process · Second European passport in just two months The main attraction for high net worth individuals is the immediate EU citizenship on offer for qualifying real estate investments. Read more on the Cyprus Citizenship by Investment Program. Applicants are required to have a clear criminal record. There is no language requirement, medical test or interview for citizenship applicants. Enquire here. Compare Citizenship by Investment Programmes Cyprus is the only country in Europe offering immediate citizenship through investment in real estate. It is by far the quickest route taking just 2-3 months to obtain an EU passport. Citizenship is also possible through investment in real estate in Portugalby application, but after six years.
Why Cyprus? Cyprus has a very favourable tax regime for individuals and companies. Over 80% of the country speaks English and there are excellent education facilities including several UK universities with campuses on the island. Cyprus has the lowest crime rate in Europe and is the 5th safest country in the world. There is a high standard of educational institutions and healthcare facilities. Cyprus is strategically located at the crosssroads of three continents, Europe, Asia and Africa. Cyprus is set to join the EU Schengen zone soon. Property acquired is freehold, there is a low property tax and there is reduced VAT on property of just 5% (subject to conditions).
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