New Australian Visa Program for Migrants with Minimum Investment of $5 Million
May 28, 2012
Australia is welcoming successful foreign investors with a new fast-tracked visa program introduced by the Federal Government, according to a joint announcement made by the Minister for Immigration and Citizenship, Chris Bowen MP, and the Minister for Financial Services and Superannuation, Bill Shorten MP, on May 25, 2012.
In the announcement, Mr Bowen stated that the new visa program, which is called the Significant Investor Visa, was targeted at migrants who were able to invest at least $5 million in the Australian economy. The new visa will help those foreign investors immigrate to Australia more easily by relaxing some visa requirements for them. Investors will not have to meet a points test, and residence requirements for them will also be reduced. All concessions are in recognition of their meaningful investment contribution.
The Federal Government will consider investors who make investment in state and territory bonds, Australian Security Investment Commission (ASIC) regulated managed funds and direct investment into Australian companies.
According to Mr Bowen, the Significant Investor visa would boost Australia's economy and help the country compete effectively for high net worth individuals seeking investment immigration.
"Our migration program is important to our economy, not only in the area of skills but also innovation and capital investment," stated Mr Bowen.
"This creates a new source of investment capital and increases the pool of funds managed locally. This is good for jobs and growth in areas such as financial planning, fund administration, stock-broking, accounting and funds management," Mr Shorten added.
The move will see Australia join other countries such as the U.S., Canada, Singapore and New Zealand, which allow migration on the basis of investment of a specified size and conditions.
The Significant Investor visa will be introduced in the 2012-13 program year.