This growth rate then declined to just 7.4% between 2018 and 2017 with a marginal increase in applications, as 376 Tier 1 Investment Visas were issued to the tune of £752m in total investment value.
Since then, demand for UK Tier 1 Investment Visas has been in freefall, with applications initially dropping by -4.3% between 2019 and 2018, with a -54.4% decline seen so far in 2020; Although Astons estimates this will soften to -33.9% for the full year.
Despite this drastic decline in demand, there have been glimmers of a return to form.
The latest data for Q3, 2020 revealed there had been 96 visas issued to main applicants, with an investment value of £192. This resulted in a quarterly increase of 317.4%, with visas issued to dependents of these applicants also climbing 330% on a quarterly basis.
While Astons estimates this figure could drop once again during the final quarter of 2020, they believe an uplift is on the cards for 2021, forecasting an 8.4% increase in annual applications. With an estimated £517m in investment on the cards for this year, it would be the first annual increase seen since 2018.
Managing Director of Astons, Arthur Sarkisian, commented:
“There has been a rather drastic decline in demand for UK Tier 1 visas in recent years and this is a trend that has continued during the last year, no doubt intensified by the restrictions caused by the pandemic.
However, early signs show that there could be a reversal of fortunes building, with applications reaching very robust levels in the third quarter of 2020.
Brexit certainly remains an issue and the vast majority of UK related enquiries we are currently receiving relate to leaving the UK, not entering it. However, the dust has now settled, to an extent, with regards to the UK actually leaving the EU and so this should bring some certainty to those who still intend to invest in a UK visa despite this no longer bringing EU status with it.”