Citizenship by Investment Summer 2017
Mishcon de Reya Brexit and Investment Migration to the UK
Guest Editorial
! Mishcon de Reya
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Background
The UK has a long history of welcoming talent and investment from overseas. This practice has led to the creation of a diverse and culturally rich society which appeals to those seeking not only tax efficiency, but political stability, excellent educational opportunities and the benefits that flow from the UK’s tradition of upholding the rule of law.
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As part of its Brexit agenda, the UK government has pledged to introduce new migration controls for European Economic Area (''EEA'') nationals and their family members, and is also expected to introduce changes to the UK's domestic immigration system. Such changes will inevitably impact the ways in which both non-EEA and EEA individuals, including those with the capacity to invest, seek to come to this country.
Ü The end of free movement?
However, immigration policy in the UK is currently in a state of flux, and there is uncertainty surrounding the future landscape of migration to this country. This uncertainty emanates, most notably, from the Referendum decision of 23 June 2016, in which the UK public voted to leave the European Union (the ''EU'').
On 17 January 2017, the UK Prime Minister, Theresa May, announced her priorities for the government's Brexit negotiations in her muchanticipated Lancaster House keynote speech. Her priorities included the "control" of migration between the UK and the EU: the Prime Minister confirmed that it is very probable that restrictions will be imposed on EEA nationals and their family members entering the UK.
Immigration was at the centre of the debate surrounding the UK's continued membership of the EU and the UK government has, in recent times, come under increasing pressure to reduce the numbers of individuals migrating to its shores. With a general election set to take place in the UK on 8 June 2017, it is likely that the debate surrounding immigration policy in the UK will only intensify.
Clearly, the imposition of such controls would represent a seismic shift in the landscape of UK immigration policy.
Currently, qualifying citizens of EEA countries, and certain non-EEA family members, have the right to live in the UK without a visa by virtue of EU free movement law. However, after Brexit,
A recent study by the Institute for Government in the UK (''IFG'') states that two million of the three million EEA nationals currently in the UK have resided here for five years or more, and could therefore qualify for permanent residence.