I recently provided comment to The Telegraph in relation to the recent Court of Justice of the European Union decision which ruled that Malta’s ‘golden passport’ scheme violated EU legislation. The ECJ concluded that the scheme – which enables wealthy investors to secure Maltese nationality – renders ‘the acquisition of nationality a mere commercial transaction’. The Telegraph’s article can be accessed online here.

Wealthy individuals who were considering Malta’s ‘golden passport’ scheme may now need to consider alternative countries. Whilst no longer an EU country, British passports are still considered to be powerful, enabling holders to travel to approximately 190 countries without requiring a visa.

Is the UK an option for those looking to benefit from a golden immigration scheme?

The UK introduced an investor visa programme for high-net-worth individuals in 1994. The scheme required individuals to personally invest their wealth by way of specified investment funds.

The route has been subject to several amendments since 1994, and was most recently known as the Tier 1 (Investor) route, but the route was closed to new applicants on 17 February 2022. The closure of the route was due to security concerns. Although closed to new applicants, those that already hold permission to remain as a Tier 1 (Investor) Migrant can apply to extend their permission to remain and can also apply for settlement; extension applications must be submitted by 17 February 2026, and the deadline for settlement applications is 17 February 2028.

Prior to its closure, the Tier 1 (Investor) route required the high-net-worth visa holder to invest at least £2 million in the UK by way of UK Government bonds (if the initial grant of leave was granted under pre-29 March 2019 Immigration Rules), or share or loan capital in active and trading companies. There were very strict requirements in relation to the timing of the investment and what documents could be provided to evidence the funds/investment. Prior to 6 November 2024, applicants needed access to £1 million to benefit from the route, so you can see how previous governments had tried to make the route less attractive by doubling the investment figure.

The Tier 1 (Investor) route was a 5 year route to settlement, although the route to settlement could be reduced for higher investment. For example, if £10 million had been invested, the route to settlement was 2 years, and if £5 million was invested, the route to settlement was 3 years. Throughout the 2, 3 or 5 year qualifying periods, investors had to reside in the UK on a continuous and lawful basis, with no more than 180 days absent from the UK in any 12 month period.

To secure settlement, applicants had to comply with a knowledge of language and life in the UK requirement, and once settlement was held, the individual would need to hold settlement for 12 months before being able to naturalise as a British citizen (unless they were married to a British citizen). It could, therefore, be a fairly long process to secure a British passport, and many requirements applied to the process – it wasn’t simply an immigration route providing a British passport for investment.

Unless a Tier 1 (Investor) visa is already held, there is no longer an investment route to settlement and British citizenship in the UK.

Are there any other options for high-net-worth individuals wishing to relocate to the UK?

The UK no longer operates visa routes for investment, but for those wishing to establish a business in the UK, the Innovator Founder route could assist. The Innovator Founder route enables an individual to establish an innovative, viable and scalable business in the UK. There is no requirement to have access to a specified sum of money to succeed with an initial Innovator Founder application, but the application must be endorsed by an endorsing body and a detailed business plan is required. Depending on the proposed business activities in the UK, it is advisable to show access to funds to enable the Innovator Founder to establish the company in the UK and follow through with their initial plan. Furthermore, for future applications, it could assist to evidence an investment of £50,000 into the business.

Unlike the Tier 1 (Investor) route, an Innovator Founder Migrant must have a key role in the day-to-day management and development of the business in the UK. An Innovator Founder Migrant can’t simply invest in a business idea and then have nothing to do with the operations of the company.

The Innovator Founder route is an immigration route that leads to settlement after residing in the UK for a continuous and lawful period of 3 years. An Innovator Founder would then need to wait until they have been present in the UK for 5 years until naturalising as a British citizen (unless married to a British citizen). Of course, naturalisation isn’t mandatory.

Other immigration routes also exist. For instance, the Global Talent route enables people over the age of 18 to secure a visa if they can show they have exceptional talent or exceptional promise in the field of science, engineering, humanities, social science, medicine, digital technology, or arts and culture. Similar to the Innovator Founder route, to proceed with a Global Talent application, an endorsement is required. The Global Talent route is an immigration route that leads to settlement, but the length of required UK residence varies from 3 to 5 years depending on the endorsement received. Evidence of income earned in a field related to the endorsement is also required for settlement.

The Skilled Worker route is also an option, particularly for high-net-worth individuals undertaking senior roles with companies based in the UK, but requires the visa holder to undertake employment in the UK in accordance with the Skilled Worker sponsorship received. The Skilled Worker route is a 5 year route to settlement, but in the government’s White Paper issued earlier this week (my blog about the White Paper can be accessed here) the government confirmed it’s intention to extend the Skilled Worker (and other Points Based System immigration routes) to a 10-year route to settlement, with the option of earning settlement earlier. Further information about the earned settlement scheme is awaited, but will likely enable higher earners – and perhaps individuals undertaking specified roles – to secure settlement earlier than 10 years.

To conclude, there are a wide range of UK immigration routes enabling individuals and their family members to relocate to the UK, but none of the routes enable an individual to relocate, secure settlement and British citizenship by way of a simple payment or investment.