The Review
The Significant Investor Visa (SIV) was introduced by the Department of Immigration and Border Protection (DIBP) on 24 November 2012 and waived age and English language requirements for visa applicants willing and able to invest $5 million in complying investments. The DIBP conducted a review of the SIV stream which commenced on 7 March 2014.
The purpose of the review was intended to address the following issues:
- Find ways to create faster processing times for SIV applications;
- Create greater flexibility in investment choices for SIV applicants;
- Establish a new permanent investor visa pathway; and
- Introduce appropriate measures to prevent fraud and ensure the integrity of visa applicants.
The findings of the review have now been released and are expected to be implemented throughout 2014/2015 with legislative changes expected to be introduced on 1 July 2015.
Expected SIV Program Changes
From information published by the DIBP, it seems that the Government will introduce the following changes to the SIV program:
- The most significant change will be the introduction of a new Premium Investor visa (PIV) outlined below;
- As well as the States being able to nominate visa applicants for the SIV, Austrade will become an additional nominating body;
- Austrade will become involved in determining what constitutes a complying investment;
- Secondary applicants will be required to be resident in Australia for 180 days to be eligible for permanent residency;
- The implementation of measures will continue to be introduced to improve processing times for the SIV visa; and
- The Government intends to increase promotion of the SIV program globally and strengthen fraud prevention and improved integrity of the visa.
The proposed changes to the SIV program are not expected to affect current SIV holders or those applicants who have already lodged their SIV visa application.
Premium Investor Visa
The Premium Investor Visa (PIV) is intended to be introduced from 1 July 2015 and will form part of the Business Investor (subclass 188) visa program. The features of the PIV are expected to be as follows:
- The PIV requires an investment of $15 million to be made by a visa applicant in complying investments;
- Austrade will be the only body able to nominate visa applicants for the PIV;
- There will be no residency requirement for this visa and applicants will be able to apply for permanent residency after 12 months of holding this visa; and
- Complying investments will be determined by Austrade in consultation with economic and industry portfolios.
The Prime Minister’s Office has stated that the intention of the PIV is to “encourage more high net worth individuals to make Australia home.” The removal of the residency requirement for the PIV visa may render Australia a more attractive option globally to achieve the Government intention of increasing foreign investment in the Australian economy.
Please contact us for more information regarding changes to the SIV program and the introduction of the PIV visa.
Disclaimer:
The information on this website is intended only to provide a summary and general overview on relevant matters. It is not intended to be comprehensive nor does it constitute legal advice. You are advised to seek legal or other professional advice before acting or relying on any of the content contained in this website.