South Australia is keen to attract foreign entrepreneurs under the new visa pathway for people who want to invest in the country.
The Significant Investor Visa targets migrants who can make an investment of $5 million or more to the local economy.
Minister for Manufacturing, Innovation and Trade, Tom Koutsantonis, said that the State Government, in partnership with the Commonwealth, wants to simplify the pathway for the most experienced business people and high profile investors to relocate to the area.
Successful applicants have to invest a minimum average of $3 million over two years into State based companies.'This new visa will make it easier for investors to come here by offering flexibility on visa requirements in recognition of their meaningful investment contribution. Migrants with sufficient capital and interest to invest in South Australia can make an influential contribution to business innovation and our economy,' he explained.
'It's critical that our migration system supports this type of high wealth migrant. This is a crucial time for our economy and it is imperative we are equipped to attract international capital and skills in a competitive global market,' he pointed out.
'There are some great opportunities in South Australia for migrants interested in investing in our resources and energy sectors, advanced manufacturing, clean technologies, tourism and knowledge intensive industries,' he added.
Significant investors then have the choice of investing the remaining $2 million over four years in any combination of eligible managed funds, South Australian Government Financing Authority (SAFA) bonds or additional private company investment.
The Significant Investor Visa has been introduced as a new stream within the Business Innovation and Investment visa and will be offered through Immigration SA.
Visa holders have the flexibility to extend their initial four year visa by additional two year periods. There is no points test or upper age requirement for the visa and there is no English language threshold requirement either, although applicants over the age of 18 must demonstrate functional English, otherwise additional costs may apply.
Visa holders must also reside in Australia for at least 40 days every year or 160 days cumulatively, over their four year visa.
'This flexibility recognises the needs of the global investor community while also encouraging investment into South Australia,' Koutsantonis said.