Canberra – The Australian government is expecting a rise in opportunities for individuals who wanted to make investments in the country, as this would require more fund managers who will assist potential investors to meet the qualification for the Significant Investor Visa (SIV).
The government said potential investors will need the assistance of fund managers who will help them in creating structures for the so-called “complying investments” as a way to qualify for the visa. Under immigration rules, applicant of the significant investor visa must have an investment of at least 5 million AUD which may include direct investments in the form of Australian government bonds, investments in unlisted companies in Australia, as well as investing in managed funds regulated by government.
The government said the managed funds will give applicants more flexibility in regard to the required structure in asset and investments.
However, to meet the requirements for complying investment, the trustee of the fund must have an Australian Financial Services License and he does need to be in Australia. Unless required by financial services laws, the managed fund does evn have to be registered as a managed investment scheme.
In addition to this, the managed fund can only be invested in the asset classes that include infrastructure projects, cash
deposited in an Australian bank, bonds issued by the State and Territory government or financial institutions in Australia, or a combination of these. It also includes listed shares in the ASX, corporate debt instruments from Australia trusts and companies as well as real estate and Australian agribusiness. Australian, visa work, Australian visa, travel visa
Other criteria also require the trustee to declare and confirm that the fund is only limited to the investment categoriess mentioned. It is also required that fund must be available for public investment.
Aside from this, the State or Territory has its own rules for SIV applicants. One of this require the applicant to nominate the place where they wish to stay or live, which would mean additional new criteria for requirements to complying investments.
In this case, the government said fund managers assisting SIV applicants must first comply with the state and territory requirements for the managed fund.
The government further added that SIV applicants must also meet other requirements such as filing an application with the government and spending a minimum period in Australia during the four-year period while the application is under process.