Processing of Significant Investor Visa (SIV) applications will be suspended from 24th April. Australian states will no longer be able to issue invitation letters, with Austrade taking over from 1 July.
The Austrade consultation paper on last years proposed changes to SIV the and the introduction of a Premium Investor Visa (PIV) category is due for release today, following feedback from the Financial Services Council and other industry participants.
Austrade suggests 20 per cent of an SIV investor’s $5m should be placed into early stage, growth capital investments through government-approved venture capital funds and 30 per cent must be invested in managed funds investing in ASX-listed emerging companies.
It has already been mooted that investing into government bonds does not necessarily add to the economic prosperity of Australia, and with concerns on rising property prices a ban on using SIV funds for property acquisition is not surprising.
However, requiring SIV Applicants to allocate a large proportion of their complying funds into higher risk investments that are likely to exceed the personal risk profiles of many individuals, means it will be essential that potential investment migrants get the appropriate information and advice about their options.