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Changes to Visas Confirmed by Australia for Wealthy Investors

May 2015, 22
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Australia confirms visa changes for wealthy investors
In Australia, changes have been announced to the Premium Investor Visa and Significant Investment Visa (SIV) and will be starting from the next year.

The changes target of attracting a small group of entrepreneurial individuals and immensely talented people to Australia who can share their talents and intelligence into areas which can produce a long duration economical benefit to the nation.

Latest PIV will be commencing from 1 July 2015 focusing on skilled innovators and entrepreneurs with minimum investment of $ 15 million which will be available only on the appeal of the Australian government.

There will be a requirement of SIV applicants from July 2015 in order to invest dollar five million, which should include $ 500,000 in an Australian venture capital which is eligible and can invest in beginning small private companies. The federal government has an expectation of increasing this up to dollar one million within the span of two years for the latest applications.

The introduction of PIV and SIV changes are a part of the policies of the government, which focuses on innovation, commercialization and investment promotion of the ideas of Australia research and development which are unfavorable to the economic future of the nation.

Andrew Robb stated that the permanent residence of Australia is a great advantage and the federal government believes that this warrants immense progressive investment in the economic areas which will make a true difference and will expedite innovation for investment and trade.

In addition, he also explained that the past SIV framework was too low with the large investment which was directed into compliant investment like residential schemes of real estate, government bonds, and the attracting areas with a high capital flow.

He also pointed out that for SIV, in real estate which is residential the direct investment has not been an investment which is complying and it will never change. There will be a restriction over the managed funds in the real estate which is residential if it is an indirect investment. An SIV holder can invest in the real estate on his own as it is passive with the rules of foreign investment, but this would not be counted as a passive investment in order qualified for a visa.

Cash stated that the department of immigration and Border Protection will still apply to the robust compliance and integrity measures in its program delivery and its management with the candidates who are undergoing assessments which includes the security checks and respective character. 

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