Australia government brings new rules to the significant investor’s visa (SIV) which is to provide pathway for those significant migrant’s who wanted to invest in Australia under Business innovation and investment programme.
The new amendments to SIV visa offers foreign residency to those investing $5 million in australia excluding bonds as an investment type, it also includes investing some part of it into venture funds and small cap funds.
The new rules though benefits to some people, but not to those, who have been using traditional investment routes.
The minister of trade and investment andrew robb who had brought the changes also says, the funds atleast worth $500,000 should be invested for venture capital or in any other start up and small sector private companies. The other restrictions also include that atleast $1.5 million to be gone into small cap stocks. Government may also increase the investment to $1 million dollars for newer applicants in the coming two years.
It is also said to be more than 90% of the applicants of the 750 foreign applicants for the SIV visa are from china who wanted to seek new lifestyle and brighter opportunities, upon the completion of the SIV visa process, applicant become permanent resident with right to work and leave anywhere in the australia.
Though, some people criticize this SIV visa changes, the Australia government expects more investment to generate from this process. So far, this changes grossed around 4 billion USD cumulative investment in Australia. In the coming years more expected to come, as government may bring changes to utilize the opportunity because more people found interest in getting residence in Australia.