As noted in his blog Dio Hawkons say that in an attempt to attract more foreign investment, the Australian Government introduced the Premium Investor Visa (PIV) on 1 July 2015. The PIV offers a pathway to overseas nationals seeking permanent residency in Australia.
The program, which forms part of the Business Innovation and Investment stream, targets individuals that are willing to invest a minimum of $15 million dollars (AUD) into Australia. A complying investment framework governs the ways in which the capital may be spent.
Complying investments include:
• Australian managed fund(s).
• Australian securities exchange listed assets.
• Australian government or semi-government bonds or notes.
• Corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity) or investment grade rated Australian corporate bonds or notes rated by an Australian Financial Services (AFS) licensed debt rating agency.
• Australian proprietary limited companies.
• Real property in Australia excluding residential property.
• Deferred annuities issued by Australian registered life companies.
• State and Territory Government approved philanthropic donations.
Restrictions on investments include:
• Investment capital must have been lawfully obtained and be unencumbered.
• Eligible funds may not allocate cash to more than 20% of a fund’s net assets.
• Derivatives may be used for risk management purposes only.
• No direct investment in residential real estate and a limit of 10% indirect investment in residential real estate through investment vehicles.
Applicants are required to hold the temporary PIV for a period of 1 year. Once permanent residency has been granted, an individual would be granted all the rights held by a person that obtained permanent residency through another migration pathway, including the right to purchase residential property.
At least one advantage of the PIV over the significant investor visa (SIV) is that applicants are not required to maintain residency in Australia over the temporary visa period.
In addition to meeting the terms of the complying investment arrangements, applicants must declare a genuine commitment to maintain business or investment activities in Australia.
Individuals seeking to apply for the PIV must first submit an expression of interest made through Skill Select.
After an EOI has been received, selection for the PIV will be entirely managed by Austrade. In addition to the $15 million investment, Austrade will be targeting candidates with notable ‘entrepreneurial skill or talent’. No guidelines have yet been released on what skills or talents are being targeted.
If you or anyone you know are interested in applying for an Australian visa or if you or anyone you know is having trouble keeping their visa or if you wish to apply for Australian Citizenship call AR LAW Services now on 03 9614 0218 or email: firstname.lastname@example.org . Or come to our Melbourne office for a free initial 30 Minute consultation to discuss your options.