Significant Investor Visa
In late 2012, the Australian government announced a new visa pathway for investors who want to migrate to Australia.
The Significant Investor visa is now one of three streams of the Business Innovation and Investment (Provisional) visa (subclass 188) and the Business Innovation and Investment (Permanent) visa (subclass 888). It is open to investors who have at least $AUD5,000,000 to invest in Australia and who want to pursue business and investment activities in Australia beyond that original investment.
Significant Investor visa holders must initially apply for the Business Innovation and Investment (Provisional) visa (subclass 188).After a minimum of four years, visa holders can then apply for the Business Innovation and Investment (Permanent) visa (subclass 888). This visa allows holders to:
- continue business and investment activity in Australia;
- travel in and out of Australia for five years;
- have family members accompany them to Australia;
- live and work in Australia permanently; and
- enrol in Medicare Australia.
Criteria for the Business Innovation and Investment (Provisional) visa (subclass 188) are:
- lodgement of an expression of interest;
- nomination by a State or Territory government;
- investment of at least $AUD5,000,000.00 into complying investments.
Complying investments can be made in any or all of the following:
- Commonwealth, State or Territory government bonds;
- certain Australian Securities and Investment Commission regulated managed funds; and
- direct investment into Australian proprietary companies (including proprietary companies incorporated by the applicant).
The investments can be held through various investment structures and the applicant is not required to have direct involvement in managing the complying investment/s. The complying investments may be held in in any proportion across the investment options and may even be transferred between complying investments provided certain re-investment criteria are met. They must be held for the life of the visa.
There are no limitations placed on applicants or their families in relation to working and studying in Australia whilst the Business Innovation and Investment (Provisional) visa (subclass 188) is held.
William Roberts Lawyers recommends clients visit Australian Government Department of Immigration and Citizenship website or contact William Roberts Lawyers for a referral to immigration specialists.
Information for this article was sourced from: Department of Immigration and Citizenship 13 November 2012, SkillSelect Business Innovation and Investment (Provisional) (subclass 188) visa; Department of Immigration and Citizenship 12 November 2012, SkillSelect Business Innovation and Investment (Permanent) visa (subclass 888); Department of Immigration and Citizenship November 2012, Significant Investor Visa; Department of Immigration and Citizenship November 2012, Significant Investor Visa Frequently asked questions, all viewed on 17 January 2013.