New significant investor visa to be introduced in Australia next year

by Ray Clancy on October 22, 2014

in Immigration Documentation

A new Premium Investor Visa is being created in Australia aimed at wealthy people willing to invest in the country and will be available from July 2015, it has been confirmed.

The announcement comes after the Australian government endorsed the key findings of the review into the Significant Investor Visa undertaken earlier this year.

business

The Premium Investor Visa will be available from July 2015 onward

The Premium Investor visa will come under Austrade (Australian Trade Commission) as the nominator which will also be involved in determining complying investment policy.

It means that Austrade will be able to nominate SIV and PIV applicants on behalf of the Australian government with the PIV level expected to be put at AU$15 million.

Officials also confirmed that ‘role swapping’ between primary and secondary applicants during the provisional visa stage within all streams of the Business Innovation and Investment Programme (BIIP) will be allowed.

There will also be changes to improve visa processing times and an increase in the residency requirement for secondary SIV applicants to 180 days per year.

The government announcement noted that any changes will not affect existing SIV holders or current applications and changes are expected to be implemented progressively during 2014 and2015 with changes requiring legislative amendments expected to come into effect from 01 July 2015.

‘The new PIV will likely spark special interest as it will be a pathway to obtaining permanent residency after 12 months with no residency requirement. However, the visa will require nomination by Austrade, and information as to how this process will operate has yet to be announced,’ said a spokesman for KPMG, which has a business immigration advisory team.

‘The increase in the residency requirement for secondary SIV applicants (i.e. family members of the primary SIV applicant) to 180 days per year is a significant change. This measure is designed to encourage the families of investors to settle in Australia; however, it has the potential to reduce the attractiveness of the visa for many applicants,’ he pointed out.

‘With regard to any changes to complying investments, the government has foreshadowed Austrade will undertake this responsibility in consultation with stakeholders. Such investments will be in line with the government’s national investment policy,’ he added.

Austrade is responsible for the promotion, attraction and facilitation of productive foreign direct investment (FDI) into Australia. It helps international companies establish and build their business in Australia.

 

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