Minister for Trade and Investment Andrew Robb said that direct investment in residential real estate would not be a complying investment under the government’s proposed new Premium Investor Visa (PIV).

The PIV would offer a more expeditious pathway for international investors to permanent residency as compared to the existing Significant Investor Visa (SIV). Under the PIV a 12 month pathway to permanent residency would be available for investors meeting a $15 million threshold in an eligible investment.

At present SIVs are available for applicants making an eligible investment in Australia of at least A$5 million for a minimum of four years.

The Government will further enhance this programme to encourage more high net worth individuals to make Australia home and to leverage and better direct additional foreign investment, while maintaining safeguards to ensure it is not misused.

Mr Robb said direct residential real estate investment is not a complying investment under the SIV, nor will it be a complying investment under the Premium Investor Visa.

“Our aim, as part of our broader competitiveness agenda, is to attract more investment into Australia that makes a material difference to supporting sustainable growth, productivity and job creation,” he said.

“We are keen to attract additional investment which supports innovation and which provide new sources of growth capital.”

For both the SIV and Premium Investor Visa eligibility criteria will be aligned with the government’s investment priorities. Investment criteria will be determined by the Minister and his agency Austrade in consultation with key economic and industry portfolios as well as the states and territories.

Changes to the SIV and the introduction of the Premium Investor Visa will commence after July 2015.

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