On the 14th October, the Australian government released a joint media statement by Prime Minister Tony Abbott, Minister for Industry Ian McFarlane and Minister for Immigration and Border Protection Scott Morrison. The media release on the Minister for Immigration and Border Protection’s website entitles the release: “Reforming skilled migration to improve Australia’s competitiveness”.
The release deals with three main issues:
The high-level introduction of the Premium Investor Visa or ‘PIV’ took some people, inside and outside of the migration advice industry, by surprise. In a nutshell, it appears that the PIV will be a fast-tracked, more expensive version of the SIV with virtually no residency requirements.
According to the joint media statement by the Prime Minister, the PIV will provide “a more expeditious, 12 month pathway to permanent residency”. Investors will be required to meet a threshold of $15m in order to apply. Interestingly, the announcement tells us that Austrade will become the sole nominating entity for the PIV, in contrast to the nominating process being handled by State government departments for the SIV.
Solid details around the makeup of the PIV are not yet released, with the government suggesting it will be introduced as a new visa category from 1 July 2015. Global Enterprises Group will keep our clients updated as more information is released.