As we have discussed in previous articles, the Business Innovation and Investor Programme (BIIP) will have it’s announced changes come into effect from the 1st of July 2015. The major change relates to Austrade’s involvement in the programme in which Austrade becomes the sole nominator for the Premium Investment Visa (PIV) and an eligible nominator for the Significant Investor Visa (SIV).
The individual Visa programmes themselves will also undergo specific changes to their nomination and application processes, primarily the SIV. These changes relate to the length of required residency of both the primary and secondary (spouse or de-facto partner) applicants and the amount of investment into the Australian business economy.
In regards to obtaining permanent residency, primary applicants of the Significant Investor Visa will need to reside in Australia for at least 40 days of the year over a 4 year period. Alternatively, the secondary applicant must reside in Australia for 180 days of the year which – like the primary applicant – is calculated cumulatively over the 4 year period of the temporary SIV.
The dollar amount of investment required from SIV applicants must be in accordance with the Complying Investment Framework as mentioned in our article posted last month explaining the ‘New Framework announced for Signficant Investors and Premium Investor Visas.’
If you are considering applying for a Significant Investor Visa, Premium Investor Visa or any other Visa’s underneath the Business Visa scheme, contact one of our registered and qualified migration agents.