Accelerating The Significant Investor Visa Program - Australia

29 Oct 2013

Scott Morrison, Minister for Immigration and Border Protection announced that, to make it easier and faster for international investors to migrate to Australia, the Government of Australia is planning to prioritize the Significant Investor visa program.

First launched in November 2012, the Significant Investor visa program is devised to attract potential migrants who established a history of success in investment and business to help boost the economy of Australia. Under this program, significant investors need to invest a minimum of 5 Million AUD in the country’s economy under the visa stream of business innovation and investment.

At a recent National Conference at the MIA (Migration Institute of Australia), Minister Morrison said that under this program, there were 400 affluent foreigners ready to invest 2 Billion AUD in the Australian economy. However, because of the long-winded processing time of the visa, Australia may lose promising investors as they start getting cold feet and look for alternatives elsewhere.

According to the speech by Minister Morrison, although there have been 435 EOIs (Expression of Interest) for this visa where 279 people received an invitation to apply and 171 applications were lodged, it took 6 months for the 1st visa to be granted on 3rd May, 2013 which is approximately a year after the announcement of the Visa.

Saying that, on paper, the visa program is good policy. However, the implementation was not as expected, Minister Morrison emphasized that it should be rebooted to make sure the criteria is as it should be and the processes are right.

The Minister said that people who risk their capital, people who create business, create jobs off their own enterprise and off their own effort, people who go out there every day is what they need to see more of in Australia and that too within the immigration program.

He added that they will send a clear message that they are open for business on this visa, and they will install the assessment capacity to match that once the system is remodeled and rebooted. He insisted that they will look to review the criteria for investment of this program, with a view to having a more adaptable approach that can see more of the investment capital available for medium sized and small businesses including entrepreneurial start-ups.

The government of Australia will focus on the residence requirements for the family members of the main applicant and secondary applicants. Additionally, the government will work with the community and the migration agent community, and extract the contacts in the ethnic communities across the country to recognize and target suitable applicants for the program, whether it is in India, the Middle East or China.