Whilst there was concern that the rate of applications was slowing down with the changes in the complying investment regime from 1 July 2015, there is still strong interest in Australia’s Significant Investor Visa (SIV) Business and Innovation Visa program.
In the first year, as migration agents and potential applicants got used to the new investment regime, there were only 24 visas granted. However in the eight months to 28 February 2017 there have been a further 112 visas approved taking the total number of SIV2’s to 136.
This means there will be $68M invested during the 12 months following into venture capital and growth private equity in Australia, plus $204M into Australian small company shares and $408M in managed funds investing in corporate bonds, commercial property and shares.
According to the Department of Immigration and Border Protection, the total number of SIV’s granted since the commencement of the program on 24 November 2012 is currently 1,746. Two-thirds of the SIV2 applicants have accepted nominations to live in Victoria, a few to WA and the rest to NSW.
We are now starting to see those early applicants hit the 4-year minimum term and converting their temporary visa to permanent residency. Applicants will start to move themselves and their families to Australia and be looking out for additional investment opportunities in businesses, agriculture, education and other services to leverage their networks in China.
For Australian advisory and services professionals with cross-jurisdictional expertise, there will be ongoing opportunities to serve these wealthy migrants.
Those interested in working with HNW Chinese and their families can’t afford to miss the upcoming BasisPoint event on SIV – Chinese investment and integration in Sydney on Wednesday 3rd May – details here.
Stacey Martin is an SIV Consultant and Founder of the Expat Advisors Community professional network. With an extensive career in financial services and private wealth management, Stacey assists SIV applicants to navigate the process with the right service from the right professional at the right time. She is the author of “Smooth Road to Travel – China to Australia” which can be downloaded here.