Do you have a spare $5 Million burning a hole in your pocket? If so then why not consider using it to help you migrate to Australia?!
As we reported back in August, the significant investor visa, 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 new Visa class went live on the 24th November.
The Minister for Immigration and Citizenship, Chris Bowen MP, today launched the visa saying ‘business migrants with $5 million or more to invest in our economy can apply for a provisional significant investor visa, a new stream within the Business Innovation and Investment program,’
‘The Significant Investor visa is an important new tool in the armoury of Australia’s financial services sector as Australia looks to compete in our region for high wealth and high skilled migrants and the capital that comes with them.’
The new visa makes it easier for migrant investors by offering concessions on visa requirements, such as a not having to meet a points test and no age restriction.
It has a low residence requirement of 160 days spent here over four years, after which migrant investors are eligible for permanent residence provided they have maintained their investment.
Investment options include Commonwealth, state and territory government bonds, Australian Securities and Investments Commission regulated managed funds and direct investment into proprietary Australian companies.
Significant Investors can also extend their four-year provisional visa by two years, with a maximum of two extensions.
‘Since I announced the new Significant Investor visa in May, there has been substantial interest from potential migrant investors and the financial services sector so I expect many people to apply,’ Mr Bowen said.
consistent with visas in countries such as the United Kingdom, Canada and New Zealand, which provide for migration on the basis of investment of a specified size and conditions.