The Significant Investor visa is targeted at high net worth individuals who will invest at least AUD$5 million in complying investments in Australia for at least four years. During this time, the individual will have the temporary visa and after four years will be eligible to apply for the permanent residency.
There are two steps to the process. First, you must be nominated by a State or Territory government. Most nominating State or Territories expect that if they sponsor you, you will live in the State or Territory. The investment requirements for each State and Territory differ marginally.
Second, the visa application will then have to be approved by the Commonwealth Government Department of Immigration (‘DIAC’).
For people who are experienced and willing to make a designated investment into an Australian Government Security for a fixed period of time may apply for the Investor visa.
What are ‘COMPLYING INVESTMENTS’?
Applicants may hold investments in each of the above complying investments and may also switch between the investment options, provided that they meet certain reinvestment conditions. It is likely that the category of managed fund investment will provide the most scope for ready and flexible investment by applicants under the Significant Investor Visa.
INVESTMENTS IN A MANAGED FUND
In order to be classed as a ‘complying investment’, an investment in a managed fund must satisfy the following conditions:
In addition, the managed fund must be limited to categories of investment specified by the Minister in an instrument in writing. These categories include the following:
WHAT IS THE TERM OF THE SIGNIFICANT INVESTOR VISA?
The Significant Investor Visa operates for an initial term of four years. However, holders can extend their visa term if they satisfy certain requirements (including if they have held complying investments for at least four years and continue to meet the relevant conditions). They will be allowed to extend their provisional visa by an additional two years, with a maximum of two extensions permitted, bringing the maximum total period on a provisional Significant Investor Visa to eight years.
WHAT ARE THE ADVANTAGES TO THE SIGNIFICANT INVESTOR VISA?
For migrants, the Significant Investor Visa has a number of advantages over other types of visas. Successful applicants will be granted the following concessions: