SIV review outcome and changes announced

The Government today announced important changes to the Significant Investor Visa and creation of a Premium Investor Visa (PIV).

The new PIV will require an investment of $15 million, nomination by Austrade and has no residency requirements. PIV holders will be eligible for permanent residency after holding the complying investment for 12 months.

Other changes include:

the involvement of Austrade in the nomination of applicants on behalf of the Australian Government and in determining complying investment policy;

• allowing ‘role swapping’ between primary and secondary applicants during the provisional visa stage;

• introduction of 180 day residency requirements for secondary visa holders; and

• changes to improve visa processing times.

The changes will be made progressively through the 2014-15 programme year, with changes requiring legislative amendment expected to come into effect from 1 July 2015.

These changes will not apply to current SIV holders or current applications.

We have also made relevant enquiry to the Department to further clarify their intention on the continued use of leveraged investment for potential SIV applicants. We will communicate the outcome to you as soon as possible.

The Evolve team

Source: MIA