Last year the government announced that it would be reviewing the Significant Investor Visa (SIV) stream in addition to Austrade becoming an additional nominated stream for investment visas.
The proposed changes for the SIV were suggested by the Assistant for Immigration and Border Protection, Senator Michaelia Cash. To apply for the Significant Investor Visa the applicant requires a minimum term of 4 years of complying investments with at least a $5 million value.
The changes have been proposed to assist with streamlining the application process. Some of these proposed changes to the SIV include introducing:
* Austrade as an additional nominator – currently only a State or Territory can be the nominated pathway for migrant investment.
* A requirement for 180 days of residence in Australia per year
* A stop to the encumbering investments being complied or their use as security loans.
Having Austrade as an additional nominated stream will work in line with the current State and Territory policy. The national policy for migrant investment encompasses investments such as:
* Food and agribusiness
* Gas and energy resources
* Mining equipment technology and services
* Medical technologies and pharmaceuticals and advanced manufacturing
The changes to the Significant Investment Visa were proposed to take effect sometime during 2014-2015. If you have any questions on the Significant Investment Visa or any other Investment Visa, please contact one of our experienced migration agents.