The Government has announced a new visa subclass for wealthy foreign investors following a review of the Significant Investor Visa programme in a bid to lure more foreign capital to Australian shores.

The new Premium Investor Visa will require a contribution of $15 million in complying investment options, as well as nomination by regulatory body Austrade on behalf of the Australian Government.

In return holders will be offered permanent residency after a 12 month period, and do not need to satisfy any other eligibility requirements.

The programme will be rolled out from 1 July 2015.

Austrade will be involved in determining complying investment policy, with further details yet to be released.

Also announced has been an overall refining to the Significant Investor Programme, with faster processing times and changes to complying investment options among the changes.

The Government also stated that they intend to promote the visa more heavily overseas, and strengthen safeguards to prevent misuse of the programme.

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