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Capital Investment Scheme for pre-1 September GSM visa applications

Capital Investment Scheme for pre-1 September GSM visa applications - capital investment scheme, general-skilled-migration - australiancurrencyThe Australian Department of Immigration is currently considering options for applicants affected by the withdrawal of the States and Territories from the Capital Investment scheme.

Prior to 1 September 2007 General Skilled Migration visa applicants could earn 5 bonus points if they deposited at least $100,000 in a designated security for a term of not less than 12 months.

The NSW, Queensland and NT Treasury Corporations and the SA Government Financing Authority had been State and Territory authorities participating in these arrangements (the Western Australia Government withdrew from 1 July 2007).

Each of the participating States and Territories have notified the department of their withdrawal of support for the use of treasury bonds for this purpose.

This means that no State or Territory will issue a security in which an investment is a ‘designated security’. There is no compulsion on States or Territories to participate in the scheme. Whether the State or Territory government authorities actually issue a security is ultimately a matter for them to determine.

The new visa arrangements for the GSM Program introduced from 1 September 2007 did not include the provisions for the lodgment of designated securities. The closure of the arrangements will only affect visa applications lodged before 1 September 2007.

We’ll provide more news when we have it..

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Written by Mark

As the founder of Getting Down Under, Mark is passionate about demystifying the process associated with a move to Australia. Having launched Getting Down Under in early January 2006 and made the move to Australia from the UK in the same year, Mark continues to share resources and support for those looking for assistance. If you have a question for Mark, please post in our Community Forums. Please note All information provided on Getting Down Under should be considered in conjunction with our disclaimer. Please seek professional advice if you have any doubts! 

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