The Government today announced important changes to the
Significant Investor Visa and creation of a Premium Investor visa.
The new Premium Investor Visa
(PIV) will
require an investment of $15 million, nomination by Austrade and
has no residency requirements. PIV holders will be eligible for permanent residency after holding the
complying investment for 12 months.
Other changes include:
- the involvement
of Austrade in the nomination of applicants on behalf of the
Australian Government and in determining complying investment policy
- allowing 'role
swapping' between primary and secondary applicants during the provisional
visa stage
- introduction of 180
day residency requirements for secondary visa holders
- changes to improve visa processing times
The changes will be made progressively through the 2014-15 programme year, with changes requiring legislative
amendment expected to come into effect from 1 July 2015.
These changes will not apply to current SIV holders or current
applications.
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