Quilter Cheviot is closing its Tier 1 Investor Visa service to new business, as it is “uncomfortable” with the time constraints around conducting due diligence checks on some of these clients.
Those with more than £2 million or more to invest in UK government bonds, share capital or loan capital in active and trading UK registered companies can apply for the Tier 1 Investor Visa, though not more than three months before they plan to enter the UK.
The visa is valid for three years and four months, and those who invest more can apply to settle.
Scott Stevens, head of business development at Quilter Cheviot, said the firm’s advisers had witnessed a trend of having to offer “pre-accounts” to clients, as a prerequisite for attracting new business.
“These have not been something we have felt comfortable with, predominantly due to the implied time constraints to conduct robust due diligence,” Mr Stevens said.
The decision does not affect existing Tier 1 service clients.