Visa Go Go!

It has been reported in the papers that there has been a sharp rise in applications for the UK’s £2M Tier 1 (Investor) Visa.

Often referred to as the “Golden VISA” this allows individuals from outside of the EU to come to the UK for 40 months, with an option to extend for a further 2 years. In exchange for the Investor Visa, the applicant must invest £2,000,000 or more in UK government bonds, share capital or loan capital in active and trading UK registered companies. This then allows them to work or study in the UK and they can apply to settle in the UK once certain conditions are met.

With more than 400 Tier 1 Investors VISA’s applied for the in the year to 31 March 2018, the spike is no doubt due to the uncertainty caused by BREXIT. This is because it was previously quite common for wealthy individuals to obtain an EU passport in order to access the UK, without the need for a UK VISA. For those wanting to live in the UK the Investor VISA now provides more assurances for this, at least until it is known what arrangements are agreed with the EU.

Wealthy individuals that move to the UK for the first time must consider their UK tax position and it is best to plan this well in advance.

The UK has a special tax regime that applies to foreign domiciled (“non-domiciled” or “non-doms”) tax payers, which is known as the “remittance basis of taxation”.

With the right UK entry planning it is possible for a non-dom taxpayer to structure their affairs and shelter their non-UK income and gains from UK tax using the remittance basis.

If you are moving to the UK please contact us for further information on how we can assist you.