Premium Investor Visa (PIV) will be a new visa stream designed to attract high-end entrepreneurs and exceptional businessmen and businesswomen into Australia.
PIV Applicants will be required to invest a minimum of $15M into complying investments as a pathwary to residency after 12 months, rather than 4 years under the $5M Significant Investor Visa (SIV).
Potential applicants will be invited directly and via referrals through Austrade and other industry bodies. Austrade will assess and nominate on approved criteria based on business skills and aligned to nation or S&T investment priorities.
The Australian Government welcomes foreign investments and according to Austrade’s website, the five investment areas which play to Australia’s strengths are:
• Agribusiness and food
• Major infrastructure
• Tourism infrastructure
• Resources and energy
• Advanced manufacturing, services and technology
Within advanced manufacturing, services and technology, Austrade focuses on highlighting growth opportunities for investment in Australian medical and materials sciences and technologies, and digital technologies.
Whilst the PIV complying investments will be flexible and not aligned to the current or proposed SIV investments which include early stage venture capital and small/micro Australian share funds, they will exclude residential real estate. Philanthropic donations are also being considered, aligned with R&D activities in medical and health, agriculture and subject to S&T government approval.
According to Andrew Robb, Minister for Trade and Investment:
“Our aim, as part of our broader competitiveness agenda, is to attract more investment into Australia that makes a material difference to supporting sustainable growth, productivity and job creation. We are keen to attract additional investment which supports innovation and which provide new sources of growth capital.”
The changes to the existing SIV investment framework and the new PIV category are to be effective from 1 July 2015.