Since the introduction of Significant Investor Visa in November 2012, 1746 applicants have been granted this visa along with their family members, which requires them to invest $5 million, offering a pathway to permanent residency.
From July 2016 until 28 February 2017, 312 new primary visas have been issued under this stream, 212 of whom have been nominated by Victoria.
Despite concerns of a misuse of the visa program, Victoria’s Minister for Industry and Employment Wade Noonan defended the visa.
“We will always support investments that create jobs and economic benefits for Victorians,” quoted him as saying.
“There are strict visa conditions in place for those who want to do business in Victoria, start new companies or develop an existing business.
“These checks and balances ensure we only open our doors to those who seek to strengthen our economy,” said Mr Noonan.
The visa is for the people who are willing to invest at least $5 million over a period of four years into complying significant investments in Australia and want to maintain business and investment activity in Australia.
According to the government, applicants under this stream, most of them Chinese, have made an investment of $8.7 billion in complying investments.
Those applying for this visa ( subclass 188) must submit an expression of interest through SkillSelect and be nominated by a state or territory governments or Austrade on behalf of the Australian government.
The application needs extensive supporting documentation, including identity, relationships, children, health and English language ability. Check the full document checklist at .
The visa allows applicants and their family members to travel in and out of Australia and run a new or established business. The visa provides a pathway to permanent residency for Business Innovation and Investment Visa (Subclass 888).
The visa holders are required to live in Australia for at least 40 days per year while on a provisional visa, or their spouse must live for at least 180 days in a year.
The applicants must reside in the state or territory whose government agency nominates them. They have to continue their business and investment activity in Australia after the conclusion of their provisional visa.
Cashed up applicants from Hong Kong, Malaysia, South Africa and Vietnam have availed of this visa program but an overwhelming majority of visa holders is from China who has received nearly 90 per cent of the visas under this stream last year.
Other Investor visa streams are “Investor Steam” and ‘Premium Investor Stream’ which require applicants to invest $1.5 million and $15 million respectively.
An applicant must be under the age of 55 years for Business Innovation and Entrepreneur streams. However, the nominating state governments may waive off this condition. An applicant is also required to meet the health and character requirements.