For Wealthy Investors, Kangaroo Nation Want To Make Changes In Visas

22 May 2015


Immigration News

Significant investment visa (SIV) and premium investor visa (PIV) have come up with significant changes, and will be introduced from next year.

These changes in visa changes have been made to attract highly skilled and talented, entrepreneurial individuals to Australia who can deliver their talent for better and long term economic growth of the country.

Effective from 1 July 2015, a new PIV will be introduced in order to attract talented as well as innovators to invest atleast $15 million. It will be liable with invitation of Australian government; the potential applicants will be nominated by Austrade.

SIV applicants will come into effect from 2015 as well; they require investing at least $5 million in complying investments, which must now include at least $500,000 in eligible Australian venture capital or growth private equity fund(s) to invest in start-up and small private companies. The Government expects, there will be an increase in $1 million for new applicants within a span of two years.

Michaelia Cash, assistant minister for immigration and Border protection has added,  the SIV program offers a great pathway to Australian PR especially to the  international high net worth investors.

The government aims to attract international investors having business and entrepreneurial skills, which will bring the required capital to speed up investment into innovative Australian business,’ she added.

Andrew Robb, minister of Trade and investment said that ‘Australian permanent visa is a great privilege and believes this warrants more dynamic investments in the economy that will bring innovation and make a good impact.

The SIV investment in residential real estate has never been prescribed. Indirect investment into real estate presently will be restricted. Importantly, the SIV holder can still independently invest in  areas residential real estate as long as it complies with foreign investment rules, this would not be considered as a compiling investment to qualify for a visa,’ he added.

Mr. Cash further said that Department of immigration and Border protection will continue to apply great integrity and effective measures in its management and delivery of the programme, with applicants undergoing assessment, with mandatory character and security check.

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