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500th Significant Investor Visa Granted

500th Significant Investor Visa Granted

australian_flagThe Australian economy has received a massive boost from the Significant Investor Visa (SIV) programme, with the Assistant Minister for Immigration and Border Protection, Senator the Hon. Michaelia Cash announcing the grant of the 500th visa.

The visa was granted to an investor from China who was nominated by the Victorian Government.

Minister Cash said this visa grant is an historic milestone for the SIV programme.

‘The SIV programme is now realising its potential since the Coalition won Government and we fully expect it to grow even further,’ Minister Cash said.

‘Since the Coalition came into Government, $2.36 billion has been invested into the Australian economy by recipients of this visa with complying investments ranging from State or Territory Government bonds, managed funds or direct investment into Australian companies.’

‘This compares to just 28 visas being granted under the former Labor Government, which attracted $140 million in complying investments.’

The SIV was introduced to provide a boost to the Australian economy and to compete effectively for high net worth individuals seeking investment migration.  Migrant investors are required to invest AUD5 million into complying investments for a minimum of four years before being eligible to apply for a permanent visa.

The recipient of the 500th SIV says he is looking forward to having closer ties with Australia.

‘My wife and daughter will join me in Australia and I look forward to them integrating into the Australian culture,’ he said.

Minister Cash said that based on the success of the SIV, the Government recently announced the creation of the new Premium Investor Visa.

‘The Australian Government listened to feedback from business and the financial services industry who wanted to enhance investment in the economy and create a more attractive migration pathway for potential migrants,’ the Minister said.

‘The Premium Investor Visa will require investment of AUD15 million into complying investments and provides an opportunity for permanent residence after 12 months.

‘The Government will also introduce a 180 day per year residency requirement for secondary SIV applicants to encourage investment migrants and their families to settle in Australia, bringing with them their wealth and business acumen.’

Minister Cash congratulated the Department of Immigration and Border Protection on their administration of the visa programme and their hard work to achieve this milestone.