The Government today announced important changes to the Significant Investor Visa and creation of a Premium Investor visa.
The new Premium Investor Visa (PIV) will require an investment of $15 million, nomination by Austrade and has no residency requirements. PIV holders will be eligible for permanent residency after holding the complying investment for 12 months.
Other changes include:
- the involvement of Austrade in the nomination of applicants on behalf of the Australian Government and in determining complying investment policy
- allowing 'role swapping' between primary and secondary applicants during the provisional visa stage
- introduction of 180 day residency requirements for secondary visa holders
- changes to improve visa processing times
The changes will be made progressively through the 2014-15 programme year, with changes requiring legislative amendment expected to come into effect from 1 July 2015.
These changes will not apply to current SIV holders or current applications.
