On her website Senator Michaela Cash, Assistant Minister for Immigration and Border Protection, has announced new investment options for the Significant Investor Visa:
‘New investment options include annuities issued by an Australian registered life insurance company, derivatives used for portfolio management and non-speculative purposes, loans secured by mortgages over other permitted eligible investments, and bonds, equity and other corporate debt in companies and trusts.
Senator Cash said the expansion of the list of complying investments through eligible managed funds would provide greater investment flexibility to significant investor visa applicants.
“The government is working closely with the financial services industry and other stakeholders to offer greater flexibility and investment choices to enhance the attractiveness of the significant investor visa for investment migrants,” Senator Cash said.’
The results for the SIV so far are commented upon by Senator Michaela Cash:
“The significant investor visa was introduced to facilitate migration of investment migrants who are willing to invest a minimum of $5 million in a complying investment in Australia over at least a four year period.
The government has approved 65 significant investor visa applications since the programme began on 24 November 2012, resulting in more than $325 million in complying investments.”
What is the Significant Investor Visa?
There is a SIV Provisional subclass 188 and a SIV Permanent subclass 888.
The provisional SIV visa requires the applicant to make an investment of AUD$5,000,000 into complying investments.
You must first apply for a provisional (temporary visa) and hold that visa for four years. After meeting requirements, such as investment level and residence in Australia, the visa holder can then progress to Australian Permanent Residency through applying for the SIV Permanent subclass 888.
Some positive features of the Significant Investor visa:
- There is no innovation points test.
- There are no English requirements to get the visa. But there are extra fees for less than functional English.
- There is no upper age limit.
- There is no requirement for the visa holder to demonstrate active business management while holding the provisional visa.
- The chances of gaining Australian Permanent Residence are strong, as long as the investment is maintained.
Source:
http://www.minister.immi.gov.au/media/mc/2013/mc209891.htm
**Warning -**This information is accurate on the 19 DEC 2013.
The DIBP can change requirements in an ongoing manner and all current requirements must be established prior to lodging a skills assessment or visa application.
Do you Need Help with an Australian Visa?
If you require further information or assistance in relation to a Business Visa, we can help you.
Contact us on (08) 7225 5091 or +61 8 7225 5091