Access to the Covid-19 vaccine has relaxed the strict travel restrictions all across the world. Just like the rest of the world, the United Kingdom is all set to open borders to promising talent from around the globe. Rishi Sunak’s announcement regarding far-reaching immigration reforms to be made effective in Spring 2022 is a silver lining for those who want to build a future in the UK.
Sunak announced a new and enhanced visa process for entrepreneurs and expanding businesses along with simplified bureaucracy for high skilled visa applications. In short, the future seems bright for those who want to apply for UK Investor Visas.
The third quarter of 2021 has seen the highest number of UK Investor Visa application approval. Over a hundred applicants and their dependants received UK Investor Visa in Q3 of 2021. According to the Office of National Statistics, the volume of Visa approval is the highest since the Covid-19 pandemic begin. Statistics indicate a 52% increase in the approval volumes as compared to the second quarter of the year.
Back to pre-pandemic approval volume levels
The major reason behind the surge in approval volume level is relaxation in travel restrictions. Being virtually restriction-free, the UK economy is all set to bounce back to its pre-pandemic state. According to potential immigrants, the handling of the UK Investor Visa process has been quite positive since the removal of pandemic-related restrictions.
According to Tatiana Tolstaia, UK Managing Director at Beyond Immigration, the comparison of statistics from 2020 and Q1-Q2 2021 show the negative impact of the Covid-19 pandemic on immigration. She explains with the majority of restrictions now lifted the situation has started to improve.
The UK government started to remove the travel restrictions associated with Covid-19 in the mid of 2021. This turned out to be a ray of hope for those who want to establish their future in the United Kingdom. It gave them the confidence to apply for the UK Investor Visa to work towards their stable presence in the UK.
What does the strong rebound indicate?
The strong bounce back indicates that people still trust the UK’s fiscal and economic system. They have confidence in the UK’s financial institution and even after a rough economic patch, people are still willing to make multi-billion capital investments. This reveals that the UK is still holding its persisting status of being the best economy for ultra-high-net-worth individuals (UHNWIs) to invest their capital.
In 2021, the total number of visas issued by the end of the third quarter is 211. In 2020, the total number of visas issued by the end of the year was 216. Figures indicate there will be a year-on-year improvement in the number of applications approvals.
With Covid-19 pandemic restrictions being relaxed and lifted, international investors’ trust in the UK economy has been restored. The government of the UK has been launching new programs to attract the brightest and best talent from all around the world. If you want to establish your overseas business in the UK, now is the best time to apply for the UK Investor Visa.