The Isle of Man Tier 1 (Investor) visa has now been closed to new applicants, after a move from the UK to scrap their equivalent foreign investor visa scheme following security concerns.
The Tier 1 (Investor) visa was a route for high net worth individuals making a substantial financial investment to the Island, with individuals requiring a minimum of £2m in investment funds to apply. This allowed investors to stay for just over 3 years, or allowed investors to apply to settle after 2 or 3 years if they made more significant local investments.
Since 2014 only 6 applications had been made for the Tier 1 (Investor) visa, one of which was refused. No new applications have been received since 2017.
The UK have closed their foreign investor route due to security concerns about the source of funds that have been used in some applications. The types of investments permitted under the route were also found not to benefit the economy as expected. The closure of the route in the UK was made with immediate effect from 17 February 2022, in order to prevent a surge in late applications.
The Isle of Man Tier 1 (Investor) visa route has also closed with immediate effect as of today. Current holders of a Tier 1 (Investor) visa may continue to apply on this visa through to settlement.
A replacement for the Investor route will be introduced in the future.