Back in May we announced that the Australian Immigration Department were to release a new Visa for people with stacks of cash ($5 Million AUD+) to invest in Australia. They creatively titled it the Significant Investor Visa.
Today, the minister for Immigration and Citizenship, Chris Bowen, released the full conditions for this new visa class.
The significant investor visa, first announced in May, is being introduced as a key component of the Government’s business innovation and investment program, and requires visa holders to invest at least AUD 5 million.
The visa will commence from 24 November this year, when applicants can submit an expression of interest through SkillSelect.
‘Significant Investor Visa – An Overview
The business innovation and investment program is positioned to target migrants with a demonstrated history of success in business and investment, to make a powerful contribution to national innovation and the Australian economy,’ Mr Bowen said.
Australia is offering a significant investor visa to provide a boost to the local economy and to compete effectively for high net worth individuals seeking investment immigration on an international scale.
‘The AUD 5 million minimum is considered to be sufficient for a meaningful investment contribution, justifying eligibility for visa concessions such as not having to meet the points test, no upper age limit and access to reduced residence requirements,’ Mr Bowen said.
‘Importantly, significant investors will be required to make complying investments in Australia which include state and territory government bonds, Australian Security Investment Commission-regulated managed funds that invest in Australian assets, and direct investment into private Australian companies not listed on the stock exchange.
‘Where visa holders choose to invest directly into Australian companies, these companies will need to meet certain qualifying business standards.’
Mr Bowen said visa holders would have the flexibility to extend their initial four year visa by additional two year periods. They would also be able to satisfy the residence requirement of 160 days in Australia at any time throughout their four year visa.
‘This flexibility recognises the needs of the global investor community while also encouraging investment into Australia,’ he said.
State and territory governments are partnering with the Commonwealth when selecting prospective high net worth migrants, to ensure the available visas are offered to the most experienced business people and high profile investors.
Source (opens in new window) : Press release