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IMPACT – MEDIUM
What is the change? The Australian Government will launch a new Premium Investor Visa to attract higher net-worth investors, and will make other changes to the Significant Investor Visa program in the coming year.
What does the change mean? The new Premium Investor Visa will be open to those investing a minimum of A$15 million. Changes to the Significant Investor Visa will not apply to current holders or applicants.
Background: The Business Innovation and Investment Program entitles qualifying investors to apply for residency at the provisional stage, then on a permanent basis. Applicants must first submit an Expression of Interest and then be invited to apply under a business or investor stream.
In March, the Department of Immigration and Border Protection called for a review of the Significant Investor Visa (SIV) stream. On 14 October, the Government announced it will adopt several of the review’s recommendations, including creation of a Premium Investor Visa (PIV) stream within the Business Innovation and Investor Visa program.
Key features of this new visa are:
The Government will also make changes to the Significant Investor Visa program, including:
BAL Analysis: The changes will provide greater flexibility and faster processing for investors seeking permanent residency for themselves and family members in Australia.
This alert has been provided by BAL Australia. For additional information, please contact australia@bal.com.
MARN: 9683856
Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@bal.com.
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