The order, signed last week, bans nationals from seven Muslim-majority countries in the Middle East and Africa from entering the US. It restricts entry to the US for citizens and dual-nationals from Iraq, Iran, Libya, Syria, Somalia, Sudan and Yemen for 90 days.
As a result, predicts Collyer Bristow, there could be an increase in the number of visas granted to wealthy foreigners as Trump’s immigration order comes into force, revealing that 68 such visas were granted last year to nationals from countries affected by the ban.
Most of these visas – 64 – were granted to entrepreneurs in the region as the UK allows non-EEA nationals to come to Britain to set up or take over a business. Individuals from Iran accounted for the highest number of entrepreneur visas (30), with Iraq coming second (20).
The law firm also revealed that the seven countries caught up in the travel ban accounted for 3% of all entrepreneur visas (2,036) and 1% of all investor visas (456) granted last year.
‘Muslim ban’
Labelled a ‘Muslim ban’ for its discriminatory nature, the travel ban has sparked a wave of protests across the world, including in the UK where more than 1.5 million people have signed a petition to block Trump’s state visit.
However, Collyer Bristow predicts there may be a longer term impact on the US’ attractiveness as a place of residence, with entrepreneurs and investors from the Middle East likely to view the UK as a viable alternative for doing business.
“For those entrepreneurs and investors directly impacted by new US immigration policy, the UK is looking like a safe haven, with established routes to residency, an attractive tax regime, the global commercial hub of London and a rich cultural life,” said James Badcock, partner at the law firm.
“The UK economy both benefits from high net worths, especially in industries such as financial services and technology, and provides opportunities for foreign investors.
“The Investor visa is widely used by high net worths. It provides both a fast-track route to British citizenship and leads to job creation through direct investment in UK businesses.”
