Whilst off to a slow start, there have now been 193 temporary resident visa’s granted under the new investment regime introduced from 1 July 2015. This takes the total number of SIV visas granted to 1,824 since the commencement of the programme on 24 November 2012.
The 31 May 2017 statistics from the Department of Immigration and Border Protection also show whilst the majority of the applicants continue to come from China and Hong Kong, there has been a slight increase in those from Malaysia, South Africa and Vietnam.
The NSW government recently completed their second annual trip to China which this year included Malaysia and Vietnam. However, with five delegations under their belt in Victoria, they still have around double the number of applicants, with just a handful applying to Queensland and Western Australia.
The mandatory venture capital component of $500,000 is speculated to rise to the $1M suggested when the new rules were announced. Austrade is currently seeking feedback on this and some other technical issues within the program with any submissions due by the 31st of July, 2017.
Stacey Martin, Founder of Expat Advisors Community, is an Investor Migration Consultant for Australia and New Zealand. If you would like assistance and connections to a range of experts to make the journey as smooth as possible contact us here.