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Premium Investor Visa

A new Premium Investor visa (PIV), will offer a faster 12-month pathway to permanent residency for those who have an investment of at least $15 million.The proposed introduction date is 1 July 2015.

The key changes planned include:

  1. The criteria for eligible investments will be changed, so that they align with "the Government's national investment priorities".
  2. The criteria for eligible investments will be determined by the Federal Government's Austrade agency in consultation with the key economic and industry portfolios.
  3. Austrade will also become a nominating body for the SIV (in addition to the current role of state and territory governments as nominators) and will be the sole agency that can nominate applicants for the PIV.
  4. Administrative changes to streamline and speed up visa processing, better promote the programme internationally and strengthen integrity protections.

We note that one interesting development is the increased role that Austrade will play under these changes. This may take some power away from the State and Territory governments and will facilitate greater investment in areas the Federal Government deems to be key economic and industry portfolios. While the key areas for eligible investment are yet to be identified, it is expected that the areas will be aligned with the Federal Government's investment priorities, including:

  • Food and agribusiness
  • Resources and energy
  • Economic infrastructure
  • Tourism and education
  • Advanced services, manufacturing and technologies

The increased investment threshold will increase opportunities to attract investment from foreign high net worth individuals. Investors and their advisors must still remain conscious of issues associated with those investments, including the cross border-tax implications and the possibility that over time the Federal Government's criteria for eligible investments may change.

It is likely that the PIV will be introduced from 1 July 2015.

If you are looking at being assessed for immigration, please contact us for further information.

Disclaimer

Australian Immigration Law and Policy is subject to constant change. While every effort is made to ensure information on this site is current and accurate, this cannot be guaranteed. The information is provided as general guidance only and no responsibility will be accepted for any adverse consequence which may arise from any action taken on the basis of material provided in this site, regardless as to any possible error or omission. It is recommended that any and all information be verified by a registered migration agent at INBIB or The Australian Department of Immigration and Multicultural Affairs.