New fast track visa for migrants
25 June 2015 by News Desk
The Government of Australia is launching a new fast-track visa process to encourage more wealthy migrants.
From July 1 the Government will be offering a new 12-month fast-track route to permanent residency for those meeting a $15 million threshold under the Premium Investor Visa.
The government intends that the Premium Investor visa (PIV) will be created as a new stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa on 1 July 2015.
The purpose of the Premium Investor visa is to attract high net worth individuals to contribute their entrepreneurial skill or talent to Australia. The Premium Investor visa will be require applicants to invest AUD15million into complying investments for a minimum of twelve months before being eligible to apply for a permanent visa.
The Significant Investor visa is a stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.
The purpose of the visa is to provide a boost to the Australian economy and to compete effectively for high net worth individuals seeking investment migration. Significant Investor Visa (SIV) holders are required to invest AUD5million into complying investments for a minimum of four years before being eligible to apply for a permanent visa.
Direct investments in residential real estate will not be considered a complying investment for a Significant Investor visa or a Premium Investor visa. From 1 July 2015 the government says that indirect investment in residential real estate will be limited to less than 10% of a vehicle’s net assets.
