[Australia Weekly Migration News 57 issue]
- 35 Views
- September 25, 2019
- 0 Comments.
Does SIV $5 million program is a fair deal?
One of the Australian Investment Visas – SIV (Significant Investor Visa) program is known as the 188C – an investment of 5 million Australian dollars to the Australian economy to get a visa. This project has obvious advantages for qualified applicants:
- Score test does not apply; no requirements for English, Education and business experience etc.
- The applicant does not have to run a business; as long as applicant can prove the invested funds are legally obtained.
- SIV visa holders will qualify for permanent residency if they have spent 160 days in Australia within 4 years.
Australia has received over $11 billion in direct investment since SIV Investment Visa Program commenced in 2012. According to statistics, the follow-on investment from SIV investors has been up to five times more than the mandatory $5 million, meaning capital invested into Australian economy could be as much as $50 billion. The SIV program achieved its original purpose and achieved great economic development.
From the SIV program first commenced in 2012 to January 2019, approximately 700 applicants received permanent residence through the SIV program. Most of them come from mainland China (87%), far more than other regions, such as Hong Kong (3%), Malaysia (1.5%), South Africa (1.2%) and Vietnam (0.9%).
The SIV project was restructured in 2015 to shift investment funds towards venture capital and emerging companies, to limit applicants investing in low-risk government bonds and stable real estate projects.
However, the Australian Immigration Minister David Coleman recently proposed to re-examine the business and investment visa scheme, especially the SIV project. He proposed to pay close attention to the actual implementation of the project to ensure that the goal can be fully achieved, hope to seek “better deals.” The implication is that he believes that the SIV project is now “selling at a sacrifice”; and he hopes to seek a fair deal to ensure maximize the returns to Australian economy from SIV investment.
At this stage, David Coleman just put forward this opinion and did not give a specific plan. He gave examples of possible reforms, such as increasing the proportion of investment funds into high risk and emerging companies.
But from this we can predict that the SIV project and even other investment immigration projects will become harder in the future. Potential applicants should act as early as possible to lock in your opportunities before the policy becomes difficult.
Any enquiries please contact us at: firstname.lastname@example.org