Business and Investment migration visa changes announced

Changes have been announced to the Business Innovation and Investment Programme (BIIP).  

The Premium Investor Visa (PIV)

The PIV will be available from 1 July 2015, with Austrade the sole nominator for this visa.

Significant Investor Visas (SIV)

The Complying Investment Framework was announced on 15 May 2015. Under these arrangements the following investments are required:

• At least $500,000 in eligible Australian venture capital or growth private equity fund(s) investing in start-up and small private companies. The Government expects to increase this to $1 million for new applications within two years as the market responds;
• At least $1.5 million in an eligible managed fund(s) or Listed Investment Companies (LICs) that invest in emerging companies listed on the Australian Securities Exchange (ASX); and
• A ‘balancing investment’ of up to $3 million in managed fund(s) or LICs that invest in a combination of eligible assets that include other ASX listed companies, eligible corporate bonds or notes, annuities and real property (subject to the 10 per cent limit on residential real estate). 

Flexible residency arrangements for SIV

From 1 July 2015, eligibility for the permanent SIV will require either the primary applicant to reside in Australia for 40 days per year OR the secondary applicant (spouse or de facto partner) to reside in Australia for 180 days per year.

This residency requirement will be per year and will be calculated cumulatively over the period of the provisional visa. For example, 160 days over four years for a primary applicant or 720 days over four years for the secondary applicant (spouse or de facto partner).

Austrade nominator from 1 July 2015 for SIV and PIV

Austrade will become an eligible nominator for the SIV from 1 July 2015,  in addition to State and Territory governments.Austrade will also be the sole nominator for the PIV.

Investor and Business Innovation stream changes

Changes have been announced for the Investor and Business Innovation stream visas only :

• Role swapping has been reintroduced, allowing a secondary applicant to apply to fulfil the primary criteria for the permanent visa on behalf of the primary applicant
• Pass mark for the points test has been reduced from 65 to 50 points.