The number of Brazilian, Russian, Indian and Chinese citizens willing to invest at least £2 million ($2.6 million) in the UK for a so-called golden visa has almost doubled since 2015, even as the push for Brexit continued.
A total 239 BRIC applicants were recorded in 2019, comprising 64 per cent of the global aggregate, according to data from the UK Home Office compiled by Shard Capital Partners LLP China (including Hong Kong and Macau) accounted for the bulk of these at 193.
“The withdrawal of UK government bonds as a qualifying investment has seen a shift in applicants investing into managed UK corporate bond portfolios of mainly investment-grade bonds,” Farzin Yazdi, head of investor visa at Shard Capital, said by email.
A Tier 1 Investor visa allows individuals to live in the UK for a maximum of 3 years and four months but they can’t avail public funds. Those who want to settle in the country can do so after two years by investing an additional 10 million pounds.
BRIC applicants accounted for 40 per cent of total global refusals in 2019, even as the overall refusal rate dropped to about 4 per cent from 11.4 per cent in 2015.