In November 2012, the Australian Government introduced a new Significant Investor visa subclass for people who invest over AU$5 million in Australia.
The visa will form a new stream of the Business Innovation and Investment (Provisional) (Subclass 188) and Business Innovation and Investment (Permanent) (Subclass 888) visas, and successful applicants will be issued a provisional visa, and then must live in Australian for at least 40 days each year for the duration of the provisional visa before being granted a permanent visa.
The Department of Immigration and Citizenship (DIAC) states that applicants do not need to satisfy the innovation points test and there are no age or language requirements.
To be eligible for consideration, applicants must:
- submit an expression of interest through DIAC’s SkillSelect website (an online service for skilled workers, business people and investors to submit an expression of interest for migrating)
- be nominated by a State or Territory government; and
- make a direct investment in Australia in accordance with the requirements of the visa subclass.
According to DIAC, applicants must acquire investments in:
- Commonwealth, State or Territory government bonds;
- ASIC regulated managed funds with a mandate for investing in Australia; or
- direct investment into Australian proprietary companies.
DIAC has additional information available on its website.
Should you wish to know more, please contact Murray Howlett of our Taxation Services Division on (07) 3023 1300.