If you have friends or family seeking an Australian Visa, the Significant Investment Visa (SIV) might be right for them. The Australian Government launched the new visa pathway for migrant investors coming to Australia in 2012, and it was introduced as a stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.
Visa applicants must:
• submit an expression of interest in SkillSelect,
• be nominated by a State or Territory government, and
• make investments of at least five million Australian dollars into complying investments.
Visa applicants do not need to satisfy the innovation points test and there are no upper age limits. The visa stream features a residence requirement of 160 days spent in Australia over four years while holding the Business Innovation and Investment (Provisional) (Subclass 188) visa. Visa holders can extend their visa term if they would like to, given that they satisfy the extension requirements. They will be allowed to extend their provisional visa by an additional two years, with a maximum of two extensions permitted.
Complying investments for the Significant Investor Visa include:
• Commonwealth, State or Territory government bonds;
• Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; and
• direct investment into an Australian proprietary company.
SkillSelect is an online service that enables skilled workers, business people and investors interested in migrating to Australia to record their details in order to be considered for a relevant visa through an Expression of Interest. Applicants for a provisional Business Innovation and Investment Visa will record their proposed investment in Australia and, once nominated by a State or Territory government, will be issued an invitation by the Australian Government to lodge a visa application.
The Significant Investment Visa is a great opportunity for business men and women seeking an Australian visa. If you have friends or family who may be interested in this, or if you have any further queries, please do not hesitate to call the experienced team of Lawyers, Accountants and Migration Agents here at The Quinn Group. For more information submit an online enquiry at www.quinns.com.au or call us on +61 2 9223 9166 to book an appointment.