Australia’s Assistant Minister for Immigration and Border Protection, Michaelia Cash, today announced the grant of the 500th visa through the Significant Investor Visa (SIV) programme.
The SIV was introduced last year to provide a boost to the Australian economy and to compete effectively for high net worth individuals seeking investment migration. Migrant investors are required to invest AUS$5 million into complying investments for a minimum of four years before being eligible to apply for a permanent visa.
“The SIV programme is now realising its potential since the Coalition won Government and we fully expect it to grow even further,” Minister Cash said.
“Since the Coalition came into Government, AUS$2.36 billion has been invested into the Australian economy by recipients of this visa with complying investments ranging from State or Territory Government bonds, managed funds or direct investment into Australian companies.”
Based on the success of the SIV, the Australian Government recently announced the creation of the new Premium Investor Visa.
The Premium Investor Visa will require investment of AUS$15 million into complying investments and provides an opportunity for permanent residence after 12 months.
“’The Government will also introduce a 180 day per year residency requirement for secondary SIV applicants to encourage investment migrants and their families to settle in Australia, bringing with them their wealth and business acumen,” revealed Cash.
The 500th SIV visa was granted to an investor from China who was nominated by the Victorian Government. The recipient of the 500th SIV says he is looking forward to having closer ties with Australia.
“My wife and daughter will join me in Australia and I look forward to them integrating into the Australian culture,” he said.
Article published 17th November 2014