The previous Federal Government introduced a new Significant Investor Visa which targeted migrants who could make an investment of at least $5 million in the Australian economy. This was thought to make it easier for investors coming to Australia. Under this program investors would not have to meet a points test and had reduced residency requirements.
Investments could be made in State and Territory bonds, ASIC regulated managed funds and direct investments into Australian companies.
During the period from inception on 24 December, 2012 and 31 March, 2015 a total of 1,679 applications under this program have been lodged and 751 visas granted. $3,775 million has been invested with a further $2,775 million proposed. Most of the visas have been granted to applicants from China and Hong Kong (92%). Others are from Malaysia, South Africa and Vietnam.
Intending migrants who don’t have that sort of money available can apply for a Business Innovation and Investment Visa (subclass 188). This involves a point score based on age, English language ability, qualifications, business or investment experience, personal and business assets, business turnover and innovation and whether a special endorsement has been obtained from a State or Territory.
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