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
Applicants must be nominated by a State or Territory
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.
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