A new High Potential Individual (HPI) visa has been created in a bid to make the UK a more attractive place to work for students from the world’s top universities.
Some of the changes of recent years have acted as a disincentive, such as removing the two-year post-study work visa, which has now been reinstated.
The High Potential Individual visa is part of a massive overhaul of the entry system, which included scrapping the discredited ‘golden visa’ scheme.
Clearly, the intention is to make ‘UK PLC’ a much more attractive destination to business leaders and entrepreneurs by creating kind of European Silicon Valley, and attracting applicants who have degrees from institutions such as Harvard, Yale, and Tsinghua University to assist with the future economic recovery.
The Government hopes this new route, which launched on Monday, May 31, will lure the "brightest and best" to these shores at the beginning of their careers.
Successful applicants with a bachelor's or master's degree will get a two-year work visa, while PhD-holders will have a three-year visa.
Universities want the Government to look at longer post-study work visas in the future, which have been proven to attract more students to countries such as Australia, where students can get a post-study visa for up to four years.
However, the Government does insist that students will be able to "switch to other long-term employment visas, if you meet the eligibility requirements".
Graduates must be over 17 and have been awarded their degree - equivalent to a UK bachelor's or postgraduate degree - no more than five years before the application date.
There is no limit on numbers and candidates do not need a prior job offer. Dependents will be allowed to accompany them.
Only graduates from the world's top 50 universities outside the UK will be able to apply.
The scheme is part of an overhaul of the visa scheme designed to attract talent post-Brexit, and includes the creation of new innovator and start-up categories and the scrapping of the old tier-based categories.
The criteria: