Canberra – The Australian government plans to introduce the Significant Investor visa as a new way for migrant investors to secure visa and gain residence status in the country, the Department of Immigration and Citizenship (DIAC) said in its website recently.
The visa, which commenced on November 24 last year, will be presented as a replacement flow within the Business Innovation and Investment (Permanent) (Subclass 888) visa and the Business Innovation and Investment (Provisional), (Subclass 188) visa.
According to the agency, an applicant may be eligible for this type of visa provided he complies with the following requirements: submit an expression of interest in SkillSelect, he/she is nominated by a State or Territory government, and makes investments of at least five million Australian dollars based on complying investments which include direct investment into Australian companies, Australian Securities and Investment Commission (ASIC) controlled funds with a mandate for investing in Australia, and Territory, State or Commonwealth government bonds.
For business to qualify, an enterprise must meet the requirements of the Migration Regulations of 1994 which define an enterprise as one which is “operated for the purpose of making profit through the provision of goods, services or both to the public, and one which is not operated primarily or substantially for the purpose of speculative or passive investment.”
DIAC said applicants are not required to pass the innovation points test and the upper age limits do not apply. The visa stream features a residence requirement of 160 days spent in Australia over four years while holding the Business Innovation and Investment (Provisional) (Subclass 188) visa.
In addition to this, a visa holder can be granted permanent Significant Investor visa if he has spent at least 40 days every year or part year during the time he has held a provisional Significant Investor visa. The residence period may be cumulative and need not be met per year.
The Business Innovation and Investment program is open for experienced migrants, especially successful people in business or investment.