$100 000 bond
 

Hi all,

Since a birthday (!) a few months back, i'm now 5 points short of the 120 point passmark for the Skilled independant visa, leaving the option of investing in the $100k bond. When in the process does the bond become payable, and is it held for a max of 12 months?? Or is it payable after the granting of a visa, and re-paid 12 months after permanent entry to the country? Any advice would be greatly appreciated.

Cheers

Re: $100 000 bond
 

Hi Loaf

I had to look into this one my self but good luck came along in the shape of the wife's relies and said they would sponsor us under the 139 stream (skilled designated area sponsored):) . As I understand the bond rules, it had to be in place before the visa is issued and the duration of the bond starts from the day the visa is activated on arrival in Aus. Also when it is paid back to you the amount will include interest, so find the best government bond for interest by contacting the individual state government to find out their rates and conditions before you do anything. If I am wrong some one will put you right.

Good luck and get cracking before other changes take points of you

All the best

Signman Glen

Re: $100 000 bond
 

Hello Loaf
Welcome to the forum.

The investment bond is usually payable after the police and med reports. The investment is returned 12 months after it was lodged.

Re: $100 000 bond
 

Hi Loaf,

The bond is asked for after the request for medicals and police clearance. Yes it is held for 12 months, the 12 month period starts from the date your monies are received by the State you have lodged with.

Hope this helps.

Cheers

Linzie
:)

Re: $100 000 bond
 

Thanks for the responses so far....another question if I may! Not sure if i'm reading the replies correctly....so here goes.

Would there be a circumstance, where the $100k is lodged before the granting of the visa, but I could get the bond back BEFORE moving permanently to Aus? ie the 12 month bond period passes, in which I take a validation trip, have the bond returned, and make the permanent move? Otherwise, there could be a case where the bond is lodged, and as I understand it the visa 'offer' is valid for up to 5 years after issue, which could result in the bond being held for up to 6 years, if the money is repaid 12 months after entry to the country.

Hope that makes some sort of sense!

Re: $100 000 bond
 

Loaf
We lodged our bond last July, got our visas in august and validated in February . We got our bond back a few weeks ago. We are leaving for australia in a few weeks.

The bond is repaid 12 months after it has been lodged - so if you lodged it in Spetember 2004 it would be returned in September 2005.

Hope that this answers your question.

Re: $100 000 bond
 

It does, many thanks indeed. Good luck with the move!

Re: $100 000 bond
 

Thanks Loaf.

Re: $100 000 bond
 

Probably answered one - so I'll ask another.

Did you get both the interest and the capital re-payment via a UK or Australian bank?

Chris

Re: $100 000 bond
 

We got the interest and repayment via our bank account in Australia. You can choose to have it sent by cheque or via your bank account. I would imagine it would be easier to open a bank account with an Australian bank.

I think you can open an account in Australia online with HSBC.

Re: $100 000 bond
 

And ... if you are not tax resident in Australia when the interest is paid it will have 10% tax withheld from it.

If you are domiciled and tax resident in the UK when the interest is paid the gross interest is assessable in the UK, with a credit claimable for the 10% already withheld.

If you are tax resident in Australia when the interest is paid and provide the Treasury Corporation with a Tax File Number the interest will be paid to you on a gross basis.

There's some more information about the $100k investment here:
http://www.gomatilda.com/news/article.cfm?articleid=155

Best regards.