The Government will expand and improve the Significant Investor Visa (SIV) programme as part of its broader competitiveness agenda.
At present, SIVs are available for applicants having an eligible investment in Australia of A$5 million, for a minimum of four years.
The Government will reform the 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 the migration programme is not misused.
Changes will include:
- Streamlining and speeding up visa processing, further promoting the programme globally and strengthening integrity measures, to increase the attractiveness of investing and settling in Australia while ensuring Australia’s interests are protected;
- aligning the criteria for eligible investments with the Government’s national investment priorities. The investment eligibility criteria will be determined by Austrade in consultation with key economic and industry portfolios;
- introducing a Premium Investor Visa (PIV), offering a more expeditious, 12 month pathway to permanent residency than the SIV, for those meeting a $15 million threshold; and
- tasking Austrade to become a nominating entity for the SIV (complementing the current State and Territory governments’ role as nominators) and to be the sole nominating entity for the PIV.
The changes to the SIV will take effect during 2014-15, with the Premium Investor Visa to be introduced from 1 July 2015.
The Government will continue to consider the recommendations of reviews into both the 457 and SIV programme and make further changes where necessary.
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555