Changes that will be made shortly have shown that an extra One Million (AUD$1Million) dollars will need to be given to obtain a Subclass 188 (B) Designated Investment Visa to live in Australia under a shake-up of migration scheme. This change broadcasted recently by Immigration Minister Alex Hawke is a change that would encourage higher quality investments into local businesses.
On confirmation, this will be put into effect from 1 July 2021, and it comes with a positive variation as it will shorten the limit of time investors have to wait before they can apply for their permanent residency.
Australia has had a high demand for visas under the Business Innovation and Investment Program (BIIP) had been exceeding supply before the global Pandemic, with more than Fifteen Point Nine Billion invested into the country’s economy since 2012.
“Australia is an attractive destination for investors and these changes will directly benefit emerging enterprises, the commercialisation of Australian ideas, and research and development,” A quote from Hawke. “Increased investment thresholds and the adjustment of investment ratios to focus more on venture capital and private growth equity will better support innovation and emerging enterprises in Australia.”
Under the new variation the amount a person needs to invest under the Investor stream of the program will increase from One and a Half Million dollars to Two and a Half Million (AUD$2.5Million) dollars to obtain a visa. The Subclass 188 (C)Significant Investor Visa threshold will remain at Five Million (AUD$5Million), however small changes as to the investment amount split may vary.