The UK is/was a European Union member country. It means that the EU, the European Economic Area, and Switzerland citizens did not need to get a visa to settle in the UK. However, due to Brexit, this is about to change.
The UK is Set to Require Visa from the EU Member States
The UK is currently in the Transition Period. This period will end at the end of 2020, and the UK will permanently leave the EU. After this date, EU/EEA/Swiss citizens and residents will not have the right to visa-free travel into the UK. So, the European market for the Tier 1 Visa will be officially opened. As Russian, Chinese, or Arab nationals, the EU members will also need to obtain a visa to have the right to settlement in the UK. As a result, like third-country nationals, Europeans will participate in the Tier 1 program. The program’s minimum investment requirement is 2 million GBP.
Are Europeans Going to be Interested in Obtaining the Tier 1 Visa?
European and American investors do not constitute a large market for investment migration companies. There are several reasons for this. Investment migration is mainly done to get a stronger passport with better credentials. However, European and US passports are already very strong. They are of top quality in terms of mobility. Third-country citizens have additional reasons to apply for alternative passports. Political uncertainty, financial crises, security problems, and low education quality are some of these reasons. European and American citizens, on the other hand, do not have these issues. Therefore, the demand for an immigration market in Europe and the USA is lower.
Yet, the most reliable method for forecasting the future of Tier 1 Visa is to look at the USA citizens’ interest in it. The USA citizens have great mobility privileges, but they do not have the right to visa-free travel to the UK. Thus, if one looks at the American interest in Tier 1 Visa, it implies the future interest of the European society.
How Much of an Interest Can Be Expected from the EU Members?
Taking the numbers of the comparison between the Americans and the Europeans into account, one may forecast a considerable influx into the Tier 1 Visa Program. Last year, the American investors constituted 7 percent of total Tier 1 Visa applications. After Chinese and Russian nationals, Americans were ranked 3rd. Even the mere geographical implications suggest that the European interest will be at least 5 times of the American interest.
Furthermore, there are 11.2 million millionaires in Europe. This number is larger than China, Russia, Southeast Asia, Africa, and the Arabian Peninsula combined. Even if the interested members in Europe will be a fraction of this number, it will amount to a huge income for the program.