New Premium Investor Visa (PIV) to be created in Australia with selling point including Australian PR in one year and no residency requirements for Premium investors
The Australian Federal Government recently completed a The Significant Investor Visa (SIV) Review. Following the review the Federal Government announced on 14 October 2014 that the following changes will be made in relation to investor visas:
“Outcomes of the review
The government has endorsed the key findings of the review, which include:
• the creation of a Premium Investor visa (PIV) with Austrade required as the nominator
• the involvement of Austrade in determining complying investment policy
• enabling Austrade to nominate SIV and PIV applicants on behalf of the Australian Government
• allowing ‘role swapping’ between primary and secondary applicants during the provisional visa stage within all streams of the Business Innovation and Investment Programme (BIIP)
• a range of changes to improve visa processing times, many of which have already been implemented.
In addition to the findings of the review, there will also be an increase in the residency requirement for secondary applicants of the SIV to 180 days.
Key facts about the PIV
The PIV will be created as a stream within the BIIP programme featuring:
• investment of AUD 15 million into complying investments
• permanent residency after 12 months
• no residency requirement
• nomination only by the Australian Government (Austrade).”
Comment by Chris Johnston, Principal Solicitor with Work Visa Lawyers:
The Premium Investor Visa (PIV) will fall under the existing visa subclasses of 188 and 888.
The selling points for the Premium Investor visa are the following:
1. No residency Requirement:
The Premium Investor Visa will be attractive to wealthy businesspeople because it does not have a residence requirement. This means that is will be possible for the visa applicant to stay in their homeland and to continue to manage their businesses without having to frequently visit or move to Australia.
A very large part of those choosing to apply for the Significant Investor Visa have been wealthy Chinese businesspeople. The primary applicant being able to stay in China, while some of the family unit, such as spouse and children, set up a life in Australia including buying property and sending the children to Australian Schools and Universities, is often the preferred option.
The Premium Investor Visa, as it has no residence requirement, is the most convenient visa option for wealthy visa applicants looking for Australian permanent residency.
2. PIV offers Australian Permanent Residency in one year, compared with three years under SIV
The investment made by the visa applicant will be ties up for only one year, which is a huge advantage. Those applying for the investor visa are often looking to secure a permanent visa in a country such as Australia, which is a stable democracy, with the rule of law and good education options. This is a often hedge against potential political or business uncertainty in their homeland. The PIV one year visa grant means the security of an Australian Permanent Residency Visa can be obtained with the visa applicant having to deal with the less uncertainty as to changes in political or business environments, compared with having to wait for three years for a result of a SIV.
If you would like to know more about the Premium Investor Visa, you can contact me:
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Responses in the Australia Media to the Premium Investor Visa
http://www.smh.com.au/business/visa-for-the-wealthy-fuels-house-price-fears-20141016-116u42.html
http://www.bbc.com/news/world-australia-29611137
Sources:
Joint media release with Prime Minister Tony Abbott, Minister for Industry Ian McFarlane and Minister for Immigration and Border Protection Scott Morrison.:
http://www.minister.immi.gov.au/media/sm/2014/sm218547.htm
http://www.mia.org.au/documents/item/477
http://www.mia.org.au/documents/item/478
Warning -This information is accurate on the 19 October 2014.
DIBP will change visa requirements in an ongoing manner and all current requirements must be established prior to lodging an application.
Do you help with a Business Visa, Significant Investor Visa (SIV) or Premium Investor Visa (PIV)?
If you require further information regarding eligibility or the application for a Business or Investor Visa, we can help you.
Contact us on (08) 7225 5091 or +61 8 7225 5091
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