How UK citizenship by investment works

If you live in the UK but you don’t have a British passport yet or if you plan on moving here, there are several ways to achieve citizen status. One of them is via a citizenship by investment programme.

In this guide, we’ll explain the essentials of UK citizenship by investment. We’ve included information about the costs, requirements and benefits of taking this route for any entrepreneurs out there.

How do citizenship by investment visas work?¹

In general, citizenship by investment visas allow you to get a foreign passport by making a significant financial contribution to a country’s economy. This can be done through investing in real estate, government bonds or national development projects. Each country offering this has its own set of rules and requirements.

UK citizenship by investment

There’s no way to directly get UK citizenship by investment, but there are visa schemes that lead to citizenship. In order to obtain a UK passport, you need to get a qualifying visa, achieve Indefinite Leave to Remain (ILR) status and then apply for citizenship.

There are two visa programmes suitable for investors - the Investor Visa (Tier 1) and the Innovator Founder Visa. However, the Investor Visa isn’t available to any new applicants and can only be extended by those who already hold it.

UK citizenship by investment requirements²

The Investor Visa doesn’t exist anymore, but we’ll explain what it encompassed, since the same requirements apply when extending it. Applicants needed to make and maintain at least a £2 million investment in the UK. After five years, investors could apply for permanent residence. However, if the investment was £5 million, the time frame was only three years.

The Innovator Founder Visa allows individuals to establish businesses in the UK. Each business must have potential for growth and be different from anything already existing on the market. This visa lets you stay in the UK for three years, after which you can extend it or apply for settlement.³

How long does it take?

If you’re a Investor Visa holder, extending it takes up to two months. However, you can pay for priority service and finish everything in five working days.²

The Innovator Founder Visa application can also last up to two months, but this depends on your location. If you’re applying from the UK, the process usually lasts much shorter - up to three weeks.³

In both cases, you can apply for citizenship after being a permanent resident in the UK for a year.²

How much is a citizenship by investment visa in the UK?

Aside from the investments, there are also fees you’ll need to pay for each of the UK citizenship by investment visas:

• Extending the Investor Visa - £1,623
• Applying for UK citizenship - £1,330²
• Applying for the Innovator Founder Visa - £1,191
• Extending your Innovator Founder Visa - £1,486
• Healthcare surcharge - depends on your circumstances³

Make sure you check for any updates to these costs before beginning your application.

Since you’ll have plenty of visa fees to cover, you’ll need a cost-effective way to manage all of the visa expenses in a foreign currency. The Wise account from the money services provider Wise allows you to send, receive and spend money in 150+ countries with mid-market currency exchange and low, transparent fees*.

Benefits of UK’s citizenship by investment visa

Here are some benefits you’ll have if you get this visa:

• Freedom of travel
• High standard of living
• Access to high-ranking universities
• The Equality Act protecting you from discrimination⁴
• Access to free healthcare

Can you retain your original citizenship and passport?⁵

Yes, the UK allows dual citizenship, so you can retain your original passport.

Manage your money internationally with the Wise multi-currency account

Getting a UK passport via citizenship by investment is a good option for wealthy individuals who do not wish to take the traditional long route. You should now have a better understanding of how this scheme works, but make sure to keep an eye out for any updates.

Applying for British citizenship in this way requires thorough financial planning. Opening a Wise account can help you avoid any additional hidden costs associated with currency conversion as well as send money from the UK with low fees*.

Your Wise account awaits 🌍

The Wise account can be used in multiple countries as an alternative to a bank account, including the UK. It comes with low, transparent fees* and uses the mid-market exchange rate for all transactions.

You can even rely on Wise’s dedicated team for large amount transfers to move larger amounts of money, such as those needed for your citizenship by investment visa.

Make your large transfer

UK citizenship by investment FAQs

Here are some of the commonly asked questions about the UK citizenship by investment programmes:

What is the millionaire visa in the UK?

The millionaire visa is the same as the Investor Visa (Tier 1), which is not available anymore. This was a scheme that allowed applicants to obtain citizenship by investing at least £2 million in the UK economy.

What is the UK Investor visa?

The UK Investor Visa (Tier 1) is a visa programme allowing those who invest at least £2 million in the UK economy to obtain citizenship faster. However, it’s not available to new applicants.

Is it hard to get British citizenship?

The speed of getting British citizenship depends on your personal circumstances. In general, it’s not hard to obtain it.

What is the fastest way to get British citizenship?⁶

The fastest way to get a UK passport is through marriage. You can apply after only three years.

Is the UK golden visa the same as the citizenship by investment visa?

The UK Golden Visa is the same as the Investor Visa (Tier 1). However, this route is now closed to new applicants.

Sources used:

1. Global Citizen Solutions - citizenship by investment schemes
2. Immigration Advice Service - UK citizenship by investment
3. Gov.uk - Innovator Founder Visa
4. Gov.uk - Equality Act 2010
5. Gov.uk - dual citizenship
6. Immigration Advice Service - fastest way to get UK citizenship

Sources last checked on date: 30-Oct-2024