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Australia Facilitates Hiring Foreign Workers on 457 Visas

October 2014, 14
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Australia is Expanding Investor Visa
Australian Government has plans to facilitate hiring foreign workers on 457 visas and moving ahead to expand the investor visa scheme.

With the intent to encourage foreign investment, the Significant Investor Visa (SIV) program was set up during the regime of former Labor government. People who invest minimum $5 million in Australia for a minimum period of four years will be able to apply for permanent residency under SIV. 

The Abbott Government is planning to create a new Premium Investor Visa (PIV), which offers a faster one year pathway to permanent residency for people who invest minimum $15 million. Also, the government is planning to make certain reforms to the SIV which include fast-tracking and accelerating of visa processing, promoting the program globally and reinforcing the integrity protections as well. 

Moreover, the criteria for investments will be made in lines with the national investment priorities of the government. The Austrade agency of Federal Government will decide the criteria in discussion with the major economic and industry portfolios and key economic aspects.

Austrade will emerge as a nominating body for SIV and roll out as the solely body for nominating applicants for the PIV. 

The PIV will come into force from 1 July 2015 and the changes for SIV will take place between 2014 and 2015.       

The government has also responded to evaluate the 457 skilled worker visa programs. A statement announced in the prime minister’s office includes fast-tracking the processing of sponsorship, nominations and visa applications to recompense low risk applicants, alter compliance and scrutinize activities on high risk applicants. 

The statement also include the requirements of English language must be in compliance with the industry and profession for the visa applicant and expand the approval period of sponsorship for 12 to 18 months for start-up entrepreneurs. Nonetheless, the 457 visa holders will be paid a minimum wage of $53,900 in advance of a review in coming two years.

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