The Federal government has announced a review of the Significant Investor Visa (SIV) programme in a bid to increase the level of foreign investment within the Australian economy.
The review, which will be undertaken by the Department of Immigration and Border Protection, will involve consultation from the financial services industry and other relevant stakeholders in order to determine how the programme can be made as appealing to foreign investors as possible.
‘We recognise there are significant implementation issues that are currently holding up the progress of this programme, and want to get this review underway to send a clear message that Australia is open for business on this visa,’ said Assistant Minister for Immigration and Border Protection, Senator Michaelia Cash.
‘There will be particular emphasis on examining ways of enhancing greater flexibility and investment choices to significant investor visa applicants, as well as faster processing of applications for this visa.’
The SIV programme requires migrant investors to invest a minimum of $5 million into one of a number of complying investment options for a minimum of four years before being eligible to apply for a permanent visa.
Senator Cash pointed out that from November 2012 to September 2013 under the previous government, just 28 SIV applications were approved across the country, totalling $140 million in complying investments.
‘This review will further assist the programme to attract international investment to Australia in the competitive global market.’