Bowen hints at Significant Investor visa details on Twitter

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Created on Wednesday, 15 August 2012 17:05

Written by Editorial staff

The Department of Immigration and Citizenship is "on track" to announce the finalised details of the new Significant Investor Visa later this month, Chris Bowen has revealed.

The immigration minister's tweet on August 9 gives migration agents a taste of further things to come following an announcement earlier this year that new reforms would be introduced to encourage entrepreneurs and investors to come to Australia.

In an earlier media release dated May 25, Bowen, along with financial services and superannuation minister Bill Shorten, asserted that the Significant Investor visa would be specifically targeted at foreign migrants who intended on making a minimum investment of $5 million into the Australian economy.

At the time, the Department of Immigration and Citizenship was considering a number of different investment options, including direct investment into Australian companies, managed funds regulated by the Australian Security Investment Commission and state and territory bonds.

Migration, Bowen said in May, is essential for Australia's economy - not only in terms of the skills that migrant workers can bring to the table, but also when it comes to innovation and capital investment.

The skilled migration visa, Shorten added, would result in a "new source of investment capital", which could have a range of knock-on effects.

"This is good for jobs and growth in areas such as financial planning, fund administration, stockbroking, accounting and funds management," he said.

According to the Department of Immigration and Citizenship, interested candidates applying for the Significant Investor stream will need to use SkillSelect to submit an expression of interest.

These visa applicants may also need to be nominated by a state or territory government , and there are specific criteria that will apply to the investment itself. DIAC information on this visa stream to date reveals that investments are not allowed to be held in superannuation, and must be held in either the name of the applicant or their spouse or de facto partner.

The announcement of the details of the Signficant Investor visa stream follows the introduction of the Business Innovation and Investment Program at the beginning of the new financial year.

This program includes three visa subclasses - business talent, business innovation and investment (provisional) and business innovation and investment (permanent).

It is thought that those who are on the Business Innovation and Investment subclass 188 (provisional) visa may need to meet a lower residence requirement.