Significant Investor Visa – twenty months on

On 24^th November 2012 the Australian government introduced the significant investor visa (SIV) to encourage foreign investment into Australia. 

Successful applicants receive a 4 year provisional subclass 188 visa after investing AUD$5 million into 'approved' investment funds (including ASIC approved funds, state government bonds and proprietary operating companies).

If the subclass 188 visa holder spends a cumulative total of 160 days  in Australia over 4 years it is then possible to apply for a subclass 888 permanent residency visa or extend the subclass 188 visa.

After an initial slow start, interest in this visa category has been growing steadily with applications currently outstripping grants. The first successful visa was granted in September last year and since then grants have been averaging at around 30 to 35 per month. 

Statistics recently made available disclose the majority of applicants for this class of visa come from China (72%), with strong interest from other countries such as Malaysia, the United States, Canada and the UK. Because of the volume of applications from China and the need to ensure the integrity of them, processing of these applications is done by a dedicated team working out of Hong Kong. All other applications are dealt with in Adelaide. 

These visas are attractive to high net worth individuals who, because of their business and lifestyle obligations cannot commit to spending long periods of time in any particular place. Although the qualifying criteria may seem to be straightforward enough, they are not easy visas to obtain. National interest issues and source of funds (that is, where did the applicant get the $5m funds which are to be invested) figure prominently in all applications, and anyone thinking of applying for this class of visa should seek legal advice before doing so.

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Stop Attacking Skilled Migration - Minister for Australian Immigration, Scott Morrison MP

DIBP Minister, Scott Morrison, has called on the Labor Party to stop attacking skilled migration, following a recent change to the sponsoring of 457 visa holders.

The change in question, described by Minister Morrison as being “quite minor”, involves approved sponsors of 457 visas having to fill out less paperwork when they have reached a certain number of employees, and instead, every 457 employee must satisfy the current tests required when finding an Australian to do the job first. His defence of such a change was that it will save the time of busy employers by removing additional paperwork in order to find an overseas worker to do the job available that could not be filled by an Australian resident.

With unemployment rising, the unions and the Labor Party haven’t taken the change well, with leader Bill Shorten attacking skilled migration. Meanwhile, Morrison claimed that “there should be a unity ticket on skilled migration in this country, but clearly there isn’t, the Labor Party is still going to oppose it.”

If you have any questions or require advice about your eligibility to apply for Australian permanent residence or a temporary skilled visa, please contact Ryan Curtis-Griffiths at Nevett Ford Lawyers Melbourne by telephone: +61 3 9614 7111 or by email: rcurtisgriffiths@nevettford.com.au or any other member of the immigration law team.

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