One year after deciding to “Brexit” the European Union (EU), UK has officially completed its transition period and is finally free from EU rules. “Post-Brexit” UK comes with significant changes to the immigration system where there will no longer be free movement for EU citizens who want to come to live and work in the UK. The introduction of a points-based system (PBS), applicable as from 1st of January 2021 to anyone, EU and non-EU individuals alike, wishing to live and work in the UK, aims at favouring the individual’s skills over which country they come from. Thus points will be awarded for key requirements, such as level of English or job offer from an approved employer, and individuals who have obtained an acceptable number of points (deemed to be 70 or higher) will be allocated a visa.
As alarming as that may seem to individuals wishing to relocate to the UK, there are alternative routes available without them having to comply with the visa/immigration requirements. For instance the EU Settlement Scheme allows EU, EEA and Swiss nationals, together with their families, to live in the UK with pre-settled status for up to 5 years, and then apply for settled status. Another option available for high net worth individuals wishing to immigrate to the UK is through the Tier 1 (Investor) visa which allows temporary residency in the UK for the investor and their family for around 3 years and can be extended for 2 additional years. Individuals can then apply for a settled status or obtain an “indefinite leave to remain” in the UK.