Debtset – Bailiff-Sheriff Aust MEMBER Login
New pathway for mega wealthy migrants
EXTRA >>
NEW INVESTMENT attraction for Australia is the impetus behind expansion of schemes to attract wealthy migrants – and their capital – by the Australian Government.
Mullins Lawyers partner and registered migration agent, Tony Hogarth said the Premium Investor Visa (PIV) would be introduced from July 1, 2015. The PIV will allow an applicant to become a permanent resident in just 12 months by investing $15 million into complying investments – and importantly there will be no permanent residency requirement under the scheme.
This is a significant move, as is the increased involvement of Austrade in determining the investment eligibility criteria for both PIVs and Significant Investor Visas (SIVs), Mr Hogarth said.
“In addition to States and Territory governments, Austrade will play a more prominent role in SIVs through the nomination of SIV applicants,” Mr Hogarth said. “For PIV applicants, Austrade will become the sole nominating entity.”
The visa schemes are expected to link back to the Federal Government’s recently released the Industry Innovation and Competitiveness Agenda.
The SIV scheme was released in November 2012 by the previous Labor Government. It required migrants to invest $5 million into complying investments in Australia for a minimum period of four years. With the new provisions, the Coalition Government appeared to be strengthening the program, while dealing with anomalies.
“In order to attract more high net worth individuals, improvements in the exiting SIV will be made by streamlining the processing time, strengthening its integrity measures and further promoting the program globally,” Mr Hogarth said.
“With the implementation of the new PIV, Australia will be able to better compete with other countries and to maintain its position as one of the leading destinations for wealthy migrants.”
Mr Hogarth said the government also proposed to implement changes to the 457 Visa regime to make it easier for employers to engage skilled overseas workers, and specifics were expected to come through in coming months.
ends
