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> IMMIGRATION UPDATE – AUSTRALIA

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:

In this regard, complying investments include:

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.

Please do not hesitate to contact Ivan Chait (Registered Migration Agent No: 9253612) at ivan.chait@wridgways.com.au or Jane Simpson at jane.simpson@wridgways.com.au for further information.

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