New Visa For Investors Announced In Australia

By Dex Tennyson, for ExpatBriefing.com 15 October, 2014

Australia has announced a new Premium Investor Visa (PIV) for those willing to invest at least AUD15m (USD13m) in the country, along with reforms to the Significant Investor Visa (SIV) and 457 Temporary Work Visa programs.

The PIV will offer a 12-month pathway to permanent residency from July 2015. The sole nominating entity will be the Australian Trade Commission (Austrade).

Austrade will also join State and Territory Governments as a nominating entity for the SIV, which currently requires an investment of AUD5m for a minimum of five years. Changes to the program, which will involve new eligibility criteria, will take effect during 2014-15.

The Government said that the 457 program, which offers temporary residency for skilled foreign workers, will be streamlined to reward low-risk applicants and refocus compliance activities on high-risk applicants. English-language testing and skill requirements will be made more flexible, so that standards are more appropriate for the jobs that applicants seek. Last, the sponsorship approval period for start-up businesses will be increased from 12 to 18 months.

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