Minister for Trade and Investment, Andrew Robb today said that Austrade is now calling for submissions in relation to the Government’s proposed changes to the complying investment framework for the Significant Investor Visa (SIV) and the creation of the Premium Investment Visa (PIV).
Mr Robb said the aim is to consult with all interested stakeholders, including state and territory governments and industry, on enhancing the SIV and introducing a PIV that will continue to attract applications and investment into Australia that makes a substantial material difference.
“Our objective is to see greater investment from the SIV in areas where there tends to be thin capital flows. We are particularly interested in seeing investment in innovation and the commercialisation of high quality Australian ideas, research and development,” Mr Robb said.
The Government has reaffirmed that direct investment in real estate has never been a complying investment under SIV and this will not change under the new complying investment framework.
In addition, indirect investment in real estate through schemes where the dominant purpose is residential real estate will not be a complying investment under the SIV.
The Government will continue to focus on areas which meet with its publically stated objectives for SIV and PIV and will exclude any areas which do not meet these objectives.
Austrade will be open to submissions until close of business 5 January 2015.
Submissions should address a range of asset classes as potential complying investments that will deliver on the objectives of SIV and PIV. Austrade also welcomes suggestions on improving the integrity of the complying investment framework.
A template to guide submissions can be accessed through the following link:
For more information:
Submission can be emailed to:
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555