Australian Immigration Daily News

Are your clients making the most financially of their offshore assignments?

Contribute to this important research being undertaken by Stacey Martin, Specialist Wealth Advisor – Expatriates and Significant Investor VISA, NAB Private Wealth

Taking up an offshore posting can be an exciting time – a new country, career opportunities and lifestyle experiences for the family. With an extensive list of things to do before departure, often this leaves little time for forward planning.  

Migration Alliance this week held its fifth SIV Masterclass in partnership with NAB in Perth, where along with Deloitte, Bruno Delfante, Manager Business Migration Centre, was keynote speaker.

Delfante shared with the audience of around twenty local migration agents, that they had relaxed their view in relation to the SIV Complying investment portfolios. The requirement that 75% must at the outset have direct economic benefit to WA has been restrictive, and their focus is much more on the long term view of how the applicant intends to contribute to the WA economy over the term of the temporary VISA and beyond. Essentially the WA government is interested in understanding the applicant’s broader financial position and future plans for investment, including business opportunities and buying a home in WA.

Of the 53 WA nominated state applications so far, 17 have been granted visa approval. Initial applications listed state government bonds as the preference, however by approval stage with time to appreciate Australia’s investment environment, most have implemented managed funds and other investments.  All have made additional investments outside SIV with the lowest overall amount in excess of $12.5 million.

Migration Alliance this week held its fifth SIV Masterclass in partnership with NAB in Perth, where along with Deloitte, Bruno Delfante, Manager Business Migration Centre, was keynote speaker.

Delfante shared with the audience of around twenty local migration agents, that they had relaxed their view in relation to the SIV Complying investment portfolios. The requirement that 75% must at the outset have direct economic benefit to WA has been restrictive, and their focus is much more on the long term view of how the applicant intends to contribute to the WA economy over the term of the temporary VISA and beyond. Essentially the WA government is interested in understanding the applicant’s broader financial position and future plans for investment, including business opportunities and buying a home in WA. 

Of the 53 WA nominated state applications so far, 17 have been granted visa approval. Initial applications listed state government bonds as the preference, however by approval stage with time to appreciate Australia’s investment environment, most have implemented managed funds and other investments.  All have made additional investments outside SIV with the lowest overall amount in excess of $12.5 million.

The recent fall of the Australian Dollar has seen those arriving and transferring money in to Australia from overseas receiving many more Dollars in return for their native currency.

Our foreign exchange partners TorFX informed us that two weeks ago a client moving to Australia from the UK would have received around $1.74 for their Pound, today (24/09/14) they could expect closer to $1.85. For a family transferring £100,000 from a house sale that would be the difference between receiving $185,000 against $174,000 – a difference of $11K!

TorFX can also offer forward contracts for clients who aren’t making the move yet but want to lock in the rate whilst it is a favourable high.