SIV list of complying investments expanded

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Created on Wednesday, 11 December 2013 16:11

Written by Editorial staff

The government has been working hard to reboot the Significant Investor Visa (SIV) programme, which is aimed at wealthy foreigners looking to make Australia their new home.

These immigration visas were introduced in November 2012, but the SIV programme has undergone a number of modifications since then to ensure it's producing the "best possible outcomes for the nation".

That's according to Assistant Minister for Immigration and Border Protection Senator the Hon Michaelia Cash, who recently announced further changes had been made to the SIV programme.

Now, those who apply for an SIV have a wider range of investment options to choose from.

When the programme was first launched, applicants were permitted to invest in government bonds (at a commonwealth, state or territory level), regulated managed funds belonging to the Australian Securities and Investment Commission (ASIC) or invest directly into property companies in the country.

This list has now been expanded to include the following investment options:

- "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"
- "Bonds, equity and other corporate debt in companies and trusts"

Ms Cash said the new-and-improved list of complying investments will give applicants more flexibility when it comes to choosing where to put their money, which should make the SIV more enticing to a broader group of migrants.

"The government wants the SIV 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," announced Ms Cash in a November 29 statement.

If it's successful, migration agents may be helping a lot more wealthy foreigners apply for SIVs in the future!