he Australian government yesterday announced that over AUS$3 billion has been invested in the country’s economy through the Significant Investor Visa (SIV) programme, since its launch just over three years ago.
The SIV scheme, which offers visas to high level investors, continues to grow rapidly with the average monthly applications lodged in 2014-15 already 15 per cent higher than in the previous year.
Just 28 Significant Investor visas had been granted between the introduction of the programmme in November 2012 and the 2013 federal election, attracting AUS$140 million in complying investments.
“As the rate of lodgments increases, the Department of Immigration and Border Protection expects to see about 800 applications lodged for the 2014-15 financial year, potentially contributing AUS$4 billion to the economy,”, said Assistant Minister for Immigration and Border Protection, Michaelia Cash. “The Government is committed to further success of Australia’s investor visa programme.”
“Due to the massive economic boost from the programme, I am looking forward to a bigger potential boost to the Australian economy from the Premium Investor visa (PIV), which will come into effect on 1st July 2015,” she added.
The PIV will require an investment of AUS$15 million into complying investments and will allow applications for permanent residence after 12 months.
“Changes to complying investment policy for the SIV and PIV programmes will also take effect from 1st July 1, and include higher risk investments such as venture capital,” Minister Cash said.