Significant Investor

Significant Investor (Provisional) (Sub-class 188)

The Australian Government has announced a new visa pathway for migrant investors coming to Australia. This visa has commenced from 24 November 2012. The significant investor visa is a part of the Business Innovation and Investment Provisional (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.

Highlights of this Visa:

• No Age Limit
• No Source of Funds
• Visa approval in 1 month
• Live anywhere in Australia

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 DO NOT need to 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 can extend their visa term if they would like to. They will be allowed to extend their provisional visa by an additional two years, with a maximum of two extensions permitted.

Complying investments

Complying investments for the significant investor visa stream include:

• state or territory government bonds

1. Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia
2. direct investment into private Australian companies not listed on the Australian stock exchange.

• Visa applicants may hold investments in each of the above investment options and may also change between complying investments, provided they meet specified reinvestment requirements.

• The investment must be held in the name of the applicant, or together with the name of their spouse or de facto partner and must be made:

1. directly by the applicant or together with their spouse or de facto partner
2. through a company where the total amount of issued shares are owned by the applicant or together with their spouse or de facto partner through a valid trust where the trustees and beneficiaries include the applicant or their spouse or de facto partner together. Investments cannot be held within the superannuation regime.

Residence Requirement:

Investors are required to spend a minimum of160 days in Australia over four years while holding the Business Innovation and Investment (Provisional) (subclass 188) visa. If an investor chooses to extend their provisional visa additional time spent in Australia is required. The residence requirements for the three possible periods of the visa are;

• 160 days over four years for the initial provisional visa, or
• 240 days over six years for the first extension, or
• 320 days over eight years for the second extension.