"Chinatown"-Official media of Chinese Australians

According to a report from the Australian Forum, the federal government announced reforms to Australia's investor visas and implemented more flexible residency terms for the Significant Investor Visa. The New Deal reform will start in July this year.

To attract investors and entrepreneurs from all over the world, the government announced the reform of the entire Business Innovation and Investment Programme (BIIP) from July 7. At the same time, the current visa programs for investors in Australia have also changed. Current programs include Investor Visa, Business Innovation Visa, and Significant Investor Visa (SIV), which will be refunded from July. A Premium Investor Visa (PIV) will be added.

In order to obtain a major investor visa or a high-end investor visa, the applicant must have an investment that meets the investment framework. The framework aims to encourage applicants to invest in Australian innovative ideas and emerging companies.

At present, the first applicant for the Significant Investor Visa needs to live in Australia for 40 days a year and last for four years to obtain permanent residency in Australia, while the second applicant such as a spouse or de facto partner needs to live in Australia for 180 days a year .

According to the residence requirements of the New Deal, the government has relaxed the strict requirements for residence time each year. The main applicant only needs to live in Australia for more than 160 days in four years, and the second applicant only needs to live for more than 720 days in four years.

Since January 2015, the Australian Trade Commission (Austrade) has also been granted the right to nominate a major investor visa. Previously, only the state and territory governments had the right to nominate. The Australian Trade Commission will be the sole nominee for the high-end investor visa.

The aspects of the New Deal that affect the major investor visa and high-end investor visa also include the reintroduction of the terms of the swap of principal and deputy applicants. The minimum score for immigrants applying for permanent residency has also been reduced from 65 to 50.

Under the influence of the New Deal, SIV applicants need to ensure that their investment complies with the provisions of the investment framework, requiring at least A$500 of the A$50 million investment to be invested in Australian ventures and private equity funds and other emerging companies. The federal government also stated that it will increase the current A$50 to A$100 million based on market reaction.

According to Australian media reports last week, currently, more than 90% of SIV visa applicants are from China. In order to avoid the anti-corruption actions launched by the Chinese government, many wealthy individuals have transferred all their assets overseas.

News compiled from "Australia Forum"

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