Australia Plans To Expand 457 Investor Visa Schemes

14 Oct 2014

The Federal Government of Australia is intensifying the investor visa scheme and making it simpler to recruit employees on 457 visas.

With an intention of encouraging foreign investment in the country a program named Significant Investor Visa (SIV) program was launched under the earlier Labor government. 

This SIV program offers a gateway to Australia permanent residence for the individuals who invest a minimum of $5 million in Australia for a minimum period of four years.

The Government of Abbott is advising to generate a latest Premium Investor Visa (PIV) that offers a quicker 12-month pathway to Australian PR for the individuals who invest a minimum of $15 million.

The Government has also planned some amendments to the SIV, which includes streamlining and accelerating the visa process, for the furtherance of the program globally and fortifying the integrity protections.

The eligible criteria for entitled investments are also being reform so that they line up with "the Government's countrywide investment precedence”.

These criterions will be resolute through the Australian Trade Commission –Austrade agency, in discussion with the main economic and industry groups.

Austrade would also become as a proposing body for the SIV, accompaniment the existing territory and state governments’ who’s role as nominators, and it will be the only group that could nominate applicants for the PIV.

The Premium Investor Visa PIV will be commenced from 1 July 2015, whereas the SIV reforms will happen during the period of 2014 - 2015.

Simultaneously, the Government has also reacted to an assessment of the 457 skilled worker visa program.

The Prime Minister's office statement stated that the government will simplify the processing of nomination, visa applications and sponsorship to reward low risk aspirants and refocus fulfillment and tracking actions of high risk aspirants.

The government is also planning to liberalize the English language requirements depending  on the industry and profession for the visa applicants and boost the period of sponsorship approval for 12 to 18 months for start-up businesses.

Conversely, the at least pay for 457 visa holders remains at $53,900, prior to a review within the coming two years. All the other safeguards remains same, the overseas employee gets the similar market rates and conditions that are paid for a native employee who is performing the same job in the similar workplace, stated in the statement. 

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