There was a 32% increase in Chinese ultra-high and high net worth individuals applying for the Tier 1 Investor Visa last year, according to Home Office data.
The UK Visas & Immigration department found 202 people applied, up from 153 the previous year.
These applications were made up of 171 from mainland China and 31 from Hong Kong.
Investor visas allow those who invest £2m ($2.61m, €2.37m) or more in the UK to reside there for three years and four months, with the possibility of a two-year extension.
Greater certainty
“The general election result has provided greater certainty over the future of the UK economy and its tax regime.” said Samuel Hu, head of overseas investors at private equity investment firm Growthdeck.
“This certainty is important for foreign high net worths looking to diversify away from their home markets.
“Many Chinese HNWs and UHNWs also value the UK private education system, with many relocating to send their children to school here. Education for children remains the top reason for Chinese HNWs and UHNWs to consider emigrating to the UK.”
Table 1: The number of applicants for the Tier 1 Investor Visa from mainland China and Hong Kong
Source: Growthdeck
US delay
Growthdeck said the rise in UK applications was also down to issues when applying for the equivalent US investor visa.
Delays in the US ‘EB-5’ investor visa programme have been caused by large backlogs of applications and uncertainty over recent rule changes.
The EB-5 has a cap which limits each country to just 7% of the total 10,000 visas granted each year.
It is reported that Chinese applicants for US investor visas face a wait of up to 16 years before being approved.
