Australia

Details

  • Service: Private Enterprise, Private Companies, Immigration Services
  • Industry: Asia Business, China
  • Type: Regulatory update
  • Date: 26/11/2012

Migration Newsflash

Migration Newsflash
Keep up-to-date with issues and developments in the immigration environment.

Migration Newsflash: Significant Investor visa details released 

Legislation for the eagerly awaited Significant Investor stream of the Department of Immigration & Citizenship’s (DIAC) Business Innovation and Investment program (Subclasses 188/888) was released on 23 November 2012. Commencing on 24 November 2012, the Significant Investor stream will provide access to Australia for High Net Worth individuals and their families holding complying investments of at least A$5 million.

With a wide range of investment opportunities being available under the program and applicants needing to maintain their investment/s for the entire 4 year period of their initial visa grant, it is anticipated that sponsoring states and territories will also set mandatory minimum investment levels in designated Commonwealth and state/territory bonds. Individual states' sponsorship criteria are yet to be released.


This Migration Newsflash outlines key elements of the visa, which became effective 24 November 2012.

 

Key insights

  • Complying investments will include Commonwealth, State or Territory government bonds; Australian Securities & Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; or Direct investment, with an ownership interest, into non-listed Australian proprietary companies.
  • Minimum residential period of just 160 days over the 4 year period to qualify for permanent residence.