The UK’s immigration policy following Brexit has been introduced one following another. In addition to the surprising BNO Visa in recent years, more than 110,000 Hong Kong people have obtained the right of abode. The High Potential Individual visa (HPI) aims to attract the world’s top talents to immigrate to the UK, and implements “no need for money”.
(Written by: Wendy Global Real Estate)
British Prime Minister Boris Johnson once proposed that “Global Britain” aims to realize the ambition of internationalization of the United Kingdom. In recent years, the local immigration policy has been even more drastic. In the early years, many immigrant visas issued by European and American countries were mainly aimed at attracting the rich to invest and immigrate. “Moving money” to the local area hopes to bring greater economic benefits.
Suspected of money laundering in T1 investment immigration paper suspended
However, the UK’s T1 investor immigration program, which grants residency to foreigners who invest £2 million (regarding HK$19.64 million) or more, has raised suspicions of money laundering in the future. According to research conducted by Transparency International UK in 2020, suspicious wealth worth more than 5 billion pounds (regarding 53 billion Hong Kong dollars) was found, one-fifth of which came from Russia. The incident was detonated in the recent Russian-Ukrainian war, and the United Kingdom immediately suspended any nationality Individuals applying for a T1 immigrant investor visa.
Innovation and technology visas are difficult to attract real talents, and the rejection rate is 35%
In addition to the “Golden Visa” T1 investment immigration, the UK has also launched Startup Visa and Innovator Visa with lower thresholds to attract innovative and entrepreneurial talents from around the world. Generally speaking, people who plan to immigrate want a stable method, especially for Hong Kong people who are “seeking stability”. It is best to obtain the status without any risk and get back the investment principal at the same time. Compared with the “innovation and technology” that requires more immigration costs, it is better to stop the loss immediately following obtaining the status, which is also a manifestation of human nature. For the Ministry of the Interior, the I&T visa has not been a success, because it cannot attract real I&T talents, and the issuance of this visa has become more and more “tight” in recent years.
According to the information of the Ministry of the Interior, since the launch of the innovative visa in 2019, a total of 654 main applicants have been approved. In the first quarter of this year, a total of 68 cases were approved, but the refusal rate has continued to rise. In the third quarter, it rose to 21%, and then climbed to 24% in the fourth quarter. Entering the first quarter of this year, the refusal rate reached a new record of 35%.
HPI can travel with spouses and children of younger brothers in the workplace
The British government has spared no effort in visa reform. On May 30 this year, the new HPI visa was officially launched, and the implementation of “no money for people”. Allow graduates who graduate from the top 50 universities in the world within 5 years to obtain a permanent work visa. HPI is aimed at first-timers in the workplace. Undergraduate and master graduates can obtain a 2-year visa, and doctoral graduates can obtain a 3-year visa. Even if there is no job opportunity, they can apply.
Of course, young people who do not have a BNO can also use this to immigrate to the UK. In this year’s list of eligible universities, Hong Kong has the University of Hong Kong and the Chinese University. In addition, Peking University, Tsinghua University, University of Tokyo, Kyoto University, Nanyang Technological University, National University of Singapore, Harvard University, and the Massachusetts Institute of Technology are also on the list.
In addition, the English proficiency needs to meet the requirements of B1 (regarding junior high school level), the visa fee is 715 pounds (regarding 7,027 Hong Kong dollars), and the national health care fee is paid, which is 624 pounds per year. Proof of living expenses in pounds sterling, which can be held for more than 28 days. Applicants who are married and have children can also bring their spouse and children to the UK. They also enjoy the right to work and study.
Employer guarantees 5 years for permanent residence plus 1 year for naturalization
It should be noted that the 2-year or 3-year HPI visa is only a temporary resident status. It is the same as the graduate visa. You need to find a suitable job in the skilled labor list. It is best to have an employer as a guarantee to enter another stage. Apply for permanent residence following 5 years and naturalization following 1 year. Also note that the initial 2 or 3 year visa does not count. Of course, holding a BNO Visa will directly enter the “5+1” naturalization path.
Originally published on AM730 https://www.am730.com.hk/Real Estate/Overseas Property Market Topics-Stop Investment Immigration-Seeking Talent Instead of Money-Detailed Explanation of UK High Potential Talent Visa/323381
