Australia To Tighten Investment Criteria For Investor Visas

By Dex Tennyson, for 24 October, 2014

Australia's Minister for Trade and Investment, Andrew Robb, has said that users of the country's Significant Investor Visa (SIV) scheme and the new Premium Investor Visa (PIV) scheme should have to make riskier investments in return for residency. Investment in residential real estate will no longer qualify.

Recent reforms to the SIV mean that, from July 2015, qualifying investment criteria will be decided by the Minister and his agency Austrade, in consultation with industry and State and Territory Governments.

Robb said that the Government wants to attract investment that will make a material difference to supporting sustainable growth, productivity, and job creation. He added: "We are keen to attract additional investment which supports innovation and which provide new sources of growth capital."

Explaining further, in an interview with The Australian, Robb said that SIV applicants are allowed to invest into Government bonds, with limited benefits for the country. He suggested that investors should instead be providing venture capital for start-ups and small businesses.

The SIV offers permanent residency in return for an investment of at least AUD5m (USD 4.4m) over a minimum of four years. The new PIV scheme will enable an applicant to secure residency in just twelve months, in return for an investment of at least AUD15m.

Tags: Investment | Business | Investment Funds | Australia | Venture Capital | Expats | Investment | Property Investment | Visas And Passports | Business Investment | Invest | Investment |


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