Australia: Launch of “Significant Investor” Visa

The Australian Government has announced a new visa pathway for migrant investors coming to Australia. This visa will commence from November 24, 2012.

Known as the Significant Investor, the new visa will be part of the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.

Visa applicants must:

• submit an expression of interest in SkillSelect
• be nominated by a state or territory government
• make investments of at least five million Australian dollars into complying investments.

Visa applicants need not satisfy the innovation points test and there are no upper age limits.  The visa stream features a residence requirement of 160 days spent in Australia over four years while holding the Business Innovation and Investment (Provisional) (subclass 188) visa.

Visa holders may extend their visa term.  They will be allowed to extend their provisional visa by an additional two years, with a maximum of two extensions permitted.

For more information, see this detail from the Australian Department of Immigration and Citizenship.