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Australian NSW Deputy Premier Overhauls Significant Investor Visa Norms

September 2014, 11
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Australian Investor Visa
New South Wales Deputy Premier, Andrew Stoner, has announced certain amendments for Significant Investor Visa (SIV). The reforms state that aspirants interested to obtain NSW nominations are not required to invest in NSW Waratah Bonds, beginning 1 September 2014.

SIV applicants need to be nominated by the Australian state or territory government before placing a visa application. Prior to this amendment, the New South Wales Government necessitated applicants to invest an amount of minimum AUD 1.5 million dollars in Waratah Bonds, which are issued by the government. Applicants have to invest for a minimum period of four years, as part of their investment of $ AUD 5 million.                

It is expected that the removal of this mandatory investment will create considerable benefits for SIV applicants and assist NSW to compete with other governments. Moreover, it would be easier for investors aspiring to settle in NSW to move easily from low-yield government bonds and will be able to attain greater convenience to choose their investments. 

Applicants who have attained a nomination from NSW Government prior to 1 September 2014 are not affected by these reforms and still have to invest AUD $1.5 million in Waratah Bonds. 

Out of all the states and territories, NSW ranks second in lines with number of SIV nominations, holding 420 invitations in between the period of 24 November 2012 and 31 July 2014.

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