New investment options added for Significant Investor Visa
Senator Cash has announced a series of new investment options for applicants for the Significant Investor Visa, as the government looks to attract more foreign capital to Australian businesses.
Among the new options include annuities issued by an Australian registered life insurance company, derivatives used for portfolio management and non-speculative purposes, loans secured by mortgages over other permitted eligible investments, and bonds, equity and other corporate debt in companies and trusts.
Senator Cash said the expansion of the list of approved investment options would provide greater flexibility for applicants, and ultimately increase Australia’s appeal to international investors.
‘The government believes that people who create business, people who risk their capital, people who go out every day and create jobs from their own efforts and from their own enterprise are vital to our national interest,’ she said.
‘That is why the government wants the significant investor visa programme to have the best possible chance of attracting as much overseas investment into projects that will stimulate our economy and create jobs and capital for hundreds of Australians and in as many small businesses as possible.’
The SIV visa requires a minimum investment of $5 million over a four year period within a complying sector, and was introduced to facilitate the migration of international investors and stimulate Australia’s economy.
So far the programme has attracted 28 overseas investors as of October 2013, and netted more $325 million in complying investments since its inception in November 2012.
South Australia has so far failed to attract a share of the lucrative program, with 15 of the 28 investors living in Victoria, 9 in New South Wales, and two each in Queensland and Western Australia.