Significant Investor Visa Update January 2018: More of the world’s wealthy are moving to Australia than any other country

According to the New World Wealth’s 2018 Global Wealth Migration review, Australia is attracting more High Net Worth Individuals (HNWI) as migrants as any other country.

 

The report is based on migrants with net assets of USD$1 million or more.

The report says Australia’s location makes it a better base for doing business in emerging Asian countries.   Safety could also be a factor in deciding to move to Australia (Australia is rated the safest country for a woman worldwide and Australia is also a safe place for children).

“Australia’s superior growth over the past decade has also no doubt had an impact on confidence and business opportunities,” says the report.

“Over the past 10 years, total wealth held in Australia has risen by 83% compared to 20% growth in the US. As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago.”

Source: New World Wealth & Business Insider Australia.

Business visas/SIV

SIV Statistics

The Department of Home Affairs (formerly DIBP) is yet to release updated statics.  Below are statistics to the end of October 2017.

The table below shows statistics from 1 July 2017 to 31 October 2017.

Item Total
Expressions of Interest (EOI) submitted through SkillSelect 132
Invitations to apply for a SIV issued as a result of applicants being nominated by a state or territory government 111
Primary applications lodged 109
Primary visas granted (subject to regulations post 1 July 2015) 46
Primary visas granted (subject to regulations prior to 1 July 2015) 6

As of 31 October 2017:

  • SIV visas have been granted from the commencement of the program on 24 November 2012.

o    1641 (subject to regulations prior to 1 July 2015)

o    250 (subject to regulations post 1 July 2015)

  • AUD9.455 billion has been invested in Complying Investments.

The table below shows government sponsor distribution of the SIV.

Significant Investor visa: Government sponsor distribution from 1 July 2017 to 31 October 2017.

State Expressions of Interest (EOI) submitted through SkillSelect Invitation Applications lodged Visas granted (application lodged prior to 1 July 2015) Visas granted (application lodged on or after 1 July 2015)
Any < 5 N/A N/A N/A N/A
Austrade 0 0 0 0 < 5
ACT < 5 0 0 0 0
NSW 58 49 50 < 5 17
NT 0 0 0 0 0
QLD 10 8 10 0 0
SA < 5 < 5 < 5 < 5 0
TAS < 5 < 5 < 5 0 0
VIC 53 48 43 < 5 27
WA < 5 < 5 < 5 0 < 5
Total 132 111 109 6 46

The table below shows the distribution of primary visa applications and visa grants for the top five source countries from the commencement of the program from 24 November 2012 to 31 October 2017 for the SIV.

Applicants for top five source countries Percentage of total visa applications Grants for top five source countries Percentage of total visas granted
China 88.1 China 87.3
Hong Kong 3.2 Hong Kong 3.1
Malaysia 1.1 Malaysia 1.5
South Africa 0.8 South Africa 1.2
Macao 0.8 Vietnam 1.0

So if you or anyone you know has applied for a business class visa or is planing to apply for a business class visa or has had a visa refused or cancelled or has had any issues issues regarding how the changes to the law may effect you book an appointment with us now.

Book a Consultation

Call 03 9614 0218 or email info@arlaw.com.au to make an initial 30 Minute consultation at our Melbourne office. (conditions apply)

For more go to   www.arlaw.com.au

Note: this update, or any previous updates on this page, do not constitute legal advice and should not be relied upon as such. Please call our office to seek professional advice before acting or relying on any of the content on this page