Australian government with renewed energy after the success of its significant investor program (SIV) program is now started a new program called premium investor visa (PIV) program to attract foreign investors by offering an immigration to Australia .
From July 1, 2015, the government new program premium investor visa (PIV) will start implementation, and there are also proposed changes to the existing significant investor visa (SIV) program.
Premium investor visa program
The PIV visa program was available from 1 July 2015 would require an investment worth AUD$15 million by foreign investor in Australia. The PIV will enable a successful applicant to acquire permanent residency after a period of 12 months on the individual basis. The states and territories can make referrals of an applicant to Austrade, which is responsible to recommend PIV applicants.
PIV program aims to attract foreign investors and entrepreneurial talent aligned to the interests of Australia's nation and state investment priorities. Permitted investment can be allowed through annuities issued by life insurance companies, philanthropic contributions allowed by states or territories, corporate bonds issued by wholly-owned Australian entity, Australian government bonds, commercial real property etc listed in the program.
However, direct investment in any residential real property is not allowed. But, indirect investment through managed fund can be made, provided that do not exceed more than 10% of the net value of fund assets.
Significant investor visa
There are changes made in SIV program that came into effect on 1 July 2015. Austrade now became one of the agencies to make recommendations for SIV, in addition to states and territories.
The changes to the permitted SIV investments are followed as:
The total of AUD 5 million investment is required by the foreign investor to obtain SIV visa.
The investor must have an agreement with Australian venture capital limited funds committing minimum investment of AUD 500,000 with one or more Australian venture capital funds. No visa granted before the time of 12 months from the date of investor’s application made. And also, it is expected to increase this fund to AUD 1 million after two years.
An at least AUD1.5 million must be invested in emerging companies through one or more managed investment funds or LIC’s (listed investment companies).
The balancing investment can be made in securities, government bonds or notes, annuities, Australian real property, and derivatives. Provided the restrictions followed in the related investment categories.
