*Quarterly graph of new SIV applications
When changes to the Significant Investor Visa (SIV) investment framework were announced earlier in the year, there was a flurry of applications before the 24th April deadline. More than 300 visas have been granted, an increase of 43%, under SIV1 since the last official update to March 2015.
Update to SIV1
The total number of visas granted under SIV1 stands at 1,075 to 31 October, 2015. Victoria has attracted 60% of the applications which is a testament to the state governments marketing of the program on the ground in China.
Whilst the Department of Immigration and Border Protection (DIBP) has stopped publishing the number of expressions of interest, a further 1,530 applications have been lodged under SIV 1 following state government nomination.
Progress of SIV2
Current applications are subject to a stricter investment criteria which includes venture capital and smaller companies, arguably riskier than the initial investment framework. This actually included private companies, as well as government bonds and other managed investments.
There have reportedly been 70 applications since 1 July of which 47 are for Victorian applicants, again following another successful delegation in October. There is also increasing interest from other countries including South Africa and Vietnam.
It is understood, the delay in issuing the new 1413D form for complying fund managers to complete, may have impacted on the rate of applications in the early stage of the new program.
Also, understanding the mandated venture capital (VC) component is taking migration agents and potential applicants time to digest, as well as financial advisors who are not licensed to recommend specific VC managers.