IMMIGRATION UPDATE – AUSTRALIA
Significant Investor Visa
On 24 November 2012, Australia introduced a significant investor visa category.
This category is being introduced as a new stream within the existing business innovation and investment (provisional) visa category subclass 188 which was introduced on 1 July 2012 and offers applicants a clear pathway to permanent residence. Apart from satisfying the usual health and character requirements, applicants applying under this category will be required to invest AUD 5,000,000.00 of their own capital into complying investments in Australia for a minimum of four years.
There are a number of benefits for applicants under this new visa category including:
- No upper age limit (applicants of any age can apply)
- No minimum level of English language ability required however all applicants and any dependants over the age of 18 years who are unable to demonstrate functional English language ability will be required to pay a second instalment of the visa application charge which is current $4,200.00 per person
- It is possible to include a spouse and all dependent children in this visa category
- Applicants have control and discretion over how they invest their funds in Australia.
In this regard, complying investments include:
- Commonwealth, State or Territory Government Bonds
- Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia
- Direct investment into Australian proprietary companies
Applicants may hold investments in each of the above investment options in any proportion and may also change between the complying investments provided they meet specified reinvestment requirements.
To qualify for permanent residence apart from maintaining their investments in Australia, applicants are only required to physically reside in Australia for 161 days over a four year period and this can be extended by two further periods of two years each.
Applicants under this significant investor visa category will require sponsorship by the State Government in the State of Australia where they intend to reside before being eligible to formally lodge an Immigration Application.
Thinking Relocation? Think Santa Fe.
Santa Fe provides the full range of relocation services to support businesses with international interests from diverse industry sectors. Santa Fe is conveniently located in 52 countries with 122 offices globally and offers holistic relocation solutions to support businesses and relocating employees.
Last year, we handled 110,000 relocations globally. Our core services are Immigration, Moving, Relocation, Real Estate and Records Management.