Significant Investor Visa (SIV) Of Australia Set For Positive Reforms

21 Apr 2015

During the previous week, an announcement was made by the Department of Immigration and Border Protection (DIBP) stating that the SIV program had been held under suspension until 30 June, 2015. Further selection to the new adherence of the investment scheme would be implemented from 1 July, 2015 onwards. There were concerns regarding the nature of investment options, along with the strong checks that were put in place regarding the authenticity of applicants.

These steps are related to putting abatement to the property market. The Steps undertaken include fastening down of overseas buyers and curbs to the investment lending by the present Australian government will slow down the property market considerably, especially in Melbourne and Sydney. These changes are set to give a boost to productive investment.

On a larger scale, the present outcome in Melbourne and Sydney is not only due to the February rate cut, but also because of a competition between overseas investors to forge ahead of stringent investment rules. Wider changes to housing investment are yet underway, with submissions not being accepted beyond 20 March. However, the dates from when the changes will come into effect are not yet known.

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