Australian Immigration Daily News

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.

With Perth included along with Sydney, Melbourne and Adelaide in the top ten most liveable cities in the world, further interest in SIV and other investment opportunities is expected, particularly given the close proximity to Asia and same time zone. Whilst much of the interest has been from China, WA would also like to see migration from Indonesia and UAE.

Attendees were impressed with the approach of the SIV concierge team at NAB Private. From collaboration with migration agents, to opening bank accounts prior to arrival and construction of bespoke SIV compliant investment portfolio to meet the risk appetite of individul applicants. Deloitte outlined the tax aspects for applicants to consider, emphasised the need for appropriate structuring advice at the outset and importance of obtaining an Australian tax file number.

With greater commitment and flexibility from the WA government, collaboration of professional services with an end-to-end process and interest growing, now is a great time to capture this opportunity for the programs intent to add to our economic prosperity.