Eligibility Criteria
To qualify for entry clearance under this route you must obtain 75 points by meeting the following criteria (Paragraph 245EB, Isle of Man Immigration Rules):
You must have £2m held in a regulated financial institution which is disposable in the Isle of Man; and
You must have opened an account with an Isle of Man regulated bank for the purposes of investing not less than £2m in the Isle of Man.
(Table 7, Appendix A, Isle of Man Immigration Rules)
The funds specified above must have been held by you for a period of 90 days prior to the application (Paragraph 64, Appendix A, Isle of Man Immigration Rules). You must provide documentation to evidence this (see below)
N.B. If £2m in funds have already been invested in the Isle of Man, then points will only be awarded if this investment occurred no more than 12 months before the date of the application (Paragraph 63, Appendix A, Isle of Man Immigration Rules).
N.B. Once visa has been granted, funds should be invested in 3 months (Table 8A, Appendix A, Isle of Man Immigration Rules).
N.B. The funds required can be held by your spouse/civil partner (Paragraph 61, Appendix A, Isle of Man Immigration Rules). However, additional documents will be required (Paragraphs 61(b) and 610SD, Appendix A, Isle of Man Immigration Rules).
Documents Required
An original letter issued by an authorised official of an Isle of Man regulated bank on the official letter-headed paper of the institution and states your name and account number. The letter must also confirm:
the applicant has opened an account with that bank for the purposes of investing not less than £2 million in the Isle of Man ; and
the bank is regulated by the Financial Supervision Commission for the purposes of accepting deposits (Paragraph 59, Appendix A, Isle of Man Immigration Rules).
AND
A portfolio report produced by an Isle of Man regulated financial institution or a breakdown of investments in an original letter produced by a Isle of Man regulated financial institution, on the official letter-headed paper of the institution, issued by an authorised official of that institution. The portfolio report or letter must cover a consecutive 90-day period of time, ending no earlier than one calendar month before the date of application. The portfolio report or letter must confirm all the following:
- the amount of money held in the investments;
- the beneficial owner of the funds;
- the date of the investment period covered;
- that the institution is a Isle of Man regulated financial institution, with the details of the registration shown on the documentation, and
- that the money can be transferred into the Isle of Man should the application be successful, if it is held abroad, or that the money has already been invested in the Isle of Man in the form of share capital or loan capital in active and trading Isle of Man registered companies, and the dates of these investments;
OR
If the applicant manages his own investments, or has a portfolio manager who does not operate in the Isle of Man and is not therefore regulated by the Financial Supervision Commission(FSC), he must provide one or more of the documents from the list below, as relevant to their type of investments, covering a consecutive 90-day period of time, ending no earlier than on calendar month before the date of application:
OR
Original personal bank statements on the official bank stationery from a bank that is regulated by the official regulatory body for the country in which the institution operates and the funds are located, showing the account number and the amount of money available in the name of the applicant (or applicant and/or husband, wife, civil partner, or unmarried or same-sex partner), covering a consecutive 90-day period of time, ending no earlier than one calendar month before the date of application. The most recent statement must be no more than one calendar month old at the date of application. Electronic bank statements must be accompanied by a supporting letter from the bank on the institution’s official headed paper, issued by an authorising official of that institution, confirming the content and that the document is genuine;
AND
If the funds are not held in the Isle of Man , the applicant must also provide an original letter from a bank or financial institution that is regulated by the official regulatory body for the country in which the institution operates and the funds are located, on the institution’s official headed paper, issued by an authorised official of that institution, which confirms:
(Paragraph 64, Appendix A, Isle of Man Immigration Rules)
Application Process
STEP 1 – Open an account in the Isle of Man for the purpose of investing the specified funds.
STEP 2 – Gather all supporting documents listed above and submit your application online on the UKVI website.
Information on further steps was unavailable.
Can I Bring my Dependents?
Yes your spouse/civil partner and dependent children under 18 may enter the Isle of Man as your dependents (Paragraphs 319AA to 319J, Isle of Man Immigration Rules). You may apply for ILR as a dependent at 5 years and British citizenship after 6 years. The accelerated routes do not permit family members of the main applicant to fast-track ILR status.
To qualify for ILR Your dependent spouse will also be subject to spending 180 days in the Isle of Man or the remainder of the CTA (Paragraph 319E, Isle of Man Immigration Rules).
Route to UK Citizenship
STAGE 1 – You will be granted a Tier 1 (Investor) Visa for an initial period of 3 years and 4 months (Paragraph 245EE(a)(ii), Isle of Man Immigration Rules). 3 months before the end of the initial visa term you should apply for further leave, you will need to continue to meet the conditions set for initial entry clearance. An extension will be granted for a period of 2 years (Paragraph 245EE(a)(i), Isle of Man Immigration Rules) .
STAGE 2 – After 5 years you will be able to apply for indefinite leave to remain (ILR). You must continue to meet the criteria set for initial entry clearance and must also have sufficient knowledge of English language and knowledge about life in the UK and the Islands (Paragraph 245EF, Isle of Man Immigration Rules)
N.B. There are accelerated routes to ILR if you invest £5m (3 years) or £10m (2 years) (Paragraph 57, Appendix A, Isle of Man Immigration Rules). These requirements will only apply at the ILR application stage.
STAGE 3 – After 12 months living with ILR status in the Isle of Man, you may apply for naturalisation as a British citizen (Section 6(1), paragraph (2)(c) British Nationality Act 1981). In order to apply for British Citizenship you must not have been absent from the UK (which is defined as including the Isle of Man) for more than 450 days in the preceding 5 year period and you must not be absent for more than 90 days in the preceding 12 months (Section 6(1), paragraph 2 (a) & (b) British Nationality Act 1981). You must also have passed the Knowledge of Life in the UK Test and have sufficient knowledge of the English language (Section 6(1), paragraph 1 (c) & (ca) British nationality Act 1981).
Travel to the UK
The UK, Channel Islands, the Isle of Man and the Republic of Ireland collectively form the Common Travel Area (CTA). If you have been granted permission to enter the Isle of Man, you will not require to apply for leave to enter another part of the CTA, you are therefore free to travel to the UK (Paragraph 15, Isle of Man Immigration Rules).
However, if you intend to attain ILR, you must not spend more than 180 days in any year outside of the Isle of Man (245AAA, Isle of Man Immigration Rules).
Once you have attained British citizenship you may live anywhere within the CTA.
Fees
Entry Clearance Application: £1,623 plus £212 (for priority service) or £956 (for super priority service).
Dependent Entry Clearance Application: £1,623 plus £212 (for priority service) or £956 (for super priority service).
Extension Application: £1,623 plus £212 (for priority service) or £956 (for super priority service).
Dependent Extension Application: £1,623 plus £212 (for priority service) or £956 (for super priority service).