On 7 March 2014, the Assistant Minister for Immigration, Senator Michaelia Cash, announced a review into the significant investor visa program.
“We recognise there are significant implementation issues that are currently holding up the progress of this programme and want to get this review underway to send a clear message that Australia is open for business on this visa,” Senator Cash said.
The Immigration Department will conduct the review, looking at all options to enhance the program in close consultation with the financial services industry and stakeholders. The terms of reference broadly cover the policy settings of the significant investor visa, application processing arrangements, and international promotion of the program.
“There will be particular emphasis on examining ways of enhancing greater flexibility and investment choices to significant investor visa applicants, as well as faster processing of applications for this visa. The review will also examine the possibility of introducing a new permanent visa stream for investment migrants,” the Assistant Minister said.
The significant investor visa program is designed to facilitate migration of investment migrants who are willing to invest a minimum of $5 million in a complying investment in Australia over at least a four year period. The review is widely expected to expand the assets the $5 million can be invested in beyond bond and commercial property funds to venture capital and start-ups.
With the number of significant investor visas being granted set to increase, now is the time to start planning. If you think you might be eligible for the significant investor visa program and want to know more, contact Zeke or Corina at email@example.com to discuss your visa options.