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Tier 1 (Investor) and Tier 1 (Entrepreneur) deadlines to have in your diary!
Investors
Before 6 April 2023, Tier 1 Investors should check whether any investments made into UK government bonds (also known as gilts) in their investment portfolio need to be moved to other ‘qualifying investments’. Applicants who obtained their initial Tier 1 (Investor) visa between 6 November 2014 to 28 March 2019 must consider now if they can continue to hold gilts. Those who applied and were granted a Tier 1 (Investor) visa from 29 March 2019 already could not rely on investments into gilts.
Depending on your individual circumstances, moving your gilts now may or may not be appropriate. If you don’t anticipate that you will need to make any further extension applications after 6 April 2023 and you are on track to apply for indefinite leave to remain (ILR) by 6 April 2025, then you may be able to continue holding the UK government bonds.
In any event, key deadlines to have in your diary are:
- 17 February 2026 – where any extension applications must be submitted before this date; and
- 17 February 2028 – where any ILR applications must be submitted before this date.
Entrepreneurs
Before 6 April 2023, Tier 1 Entrepreneurs should check whether they need to submit an extension application as you cannot apply to extend your leave from this date onwards. If you foresee issues with meeting the requirements for ILR in your current grant of leave, then you may need to consider putting in an extension now. For example, if you anticipate there to be issues in meeting the employment creation requirement, you could buy yourself some valuable time by extending now.
Not only that, Tier 1 Entrepreneurs need to carefully consider whether they will meet all the requirements to apply for ILR before the deadline of 6 April 2025 (unless you have previously held leave as Tier 1 (Graduate Entrepreneur) whereby your deadline to apply for ILR is before 6 April 2027). Again, if you foresee issues in meeting the employment creation requirement, particularly if you previously relied on the COVID concession for employment creation, then it is now time to consider whether there are other options available to you, such as looking at alternative sponsorship visa routes.
There is lot to gain in reviewing your circumstances now, given these deadlines are fast approaching and consulting on the options available is the best way to protect your personal and business interests in the UK.
FURTHER INFORMATION
If you have any questions regarding this blog, please contact a member of the immigration team.
We welcome views and opinions about the issues raised in this blog. Should you require specific advice in relation to personal circumstances, please use the form on the contact page.
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