The new ‘significant investor’ visa will commence on 24 November 2012, providing a new pathway for migrants who invest more than AUD $5 million in certain Australian investments.
This new type of visa will be part of the Business Innovation and Investment Stream, in addition to the (Subclass 188) (Provisional) visa and the (Subclass 888) (Permanent) visa, which were introduced on 1 July 2012.
What are the eligibility criteria?
When the new visa comes into effect, it is expected that the following key criteria will apply:
- An expression of interest must be submitted through SkillSelect.
- Applicants must be nominated by a State or Territory government.
- Applicants must make an investment of at least AUD$5 million into a complying investment.
Complying investments include:
- state or territory government bonds
- Australian Securities and Investment Commission regulated managed funds that invest in Australian assets
- direct investment into actively operating private Australian companies not listed on the Australian stock exchange that meet the ’qualifying business’ test.
Applicants do not need to satisfy the ‘innovation points’ test and there are no upper age limit restrictions.
Investments cannot be held within a superannuation regime. Investments must be in the name of the applicant, or the applicant and their spouse or de facto partner. In certain circumstances, investments can also be held in a company or trust.
Investors must spend a minimum of 160 days in Australia over four years while holding a provisional visa of this type. There is an option to extend the provisional visa by two years, with a maximum of two extensions permitted.
For further information on this visa or for migration advice, please contact David Grace (Migration Agent No. 0742590) or Rebecca Liew (Migration Agent No. 1278746) on +61 7 3231 2444.