New Business Visa for Investors
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By Mark Webster
Monday, 10 December 2012
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The Significant Investor visa was introduced on 24 November 2012. This is a 4-year provisional visa which requires applicants to make a $5 million investment in Australia.
The new visa has been well received and is a great pathway to permanent residence for investors who would otherwise not be eligible for migration to Australia.
Unlike other migration options:
There is no upper age limit to qualify for the visa (most skilled visa types require applicants to be under 50 or 55)
There is no English language requirement - many visa
There is no points test to meet
To qualify for permanent residence, applicants only need to spend a limited amount of time in Australia (40 days per year)
Visa Requirements
To qualify for a significant investor visa, applicants need to:
Be nominated by a state or territory government
Be invited through SkillSelect - this is a system whereby applicants first lodge an "Expression of Interest" or EOI.
Make an investment of at least AUD 5 million in a "complying investment"
Applicants also need to meet health and character requirements.
Complying Investment
Applicants must make an investment of at least AUD 5 million into a complying investment to qualify for a significant investor visa.
Complying investments can include:
State/Territory government bonds; or
ASIC regulated managed funds making investments in Australian assets; or
Direct investment into unlisted Australian companies
Purchase of property in Australia would not in itself meet the requirements for a complying investment. However, property could be held through the ASIC regulated managed fund.
Obtaining Permanent Residence
After the initial 4-year period, holders can qualify for permanent residence provided:
They maintain their investment in Australia for 4 years; and
They remain in Australia for at least 160 days in the 4 year period
If they are unable to meet the requirements for permanent residence by the end of the 4 years, it is possible to apply for a 2-year extension.
The significant investor visa is a great opportunity for investors to migrate to Australia. Feel free to contact us if you would like to discuss making an application.
