Senator Cash flags revamp of the Significant Investor Visa (SIV)
Written By Will Aldous | Sat, May 17, 2014
Assistant Minister for Immigration; Senator Michaela Cash has stated that the Department of Immigration would undertake a review of the SIV stream of visas.
Senator Cash said the review was needed as the current “implementation issues” are holding up the program and that the review was in line with the current Governments' desire to send a clear message to the global economy that "Australia is open for business".
The internal review will be conducted in collaboration with the financial services industry and other stakeholders.
The significant investor visa was introduced with the objective of encouraging potential migrants to Australia, who have the financial capacity and who are willing to invest a minimum of $5 million with complying investments in Australia. However, there are extremely high thresholds presently in place, which have limited the number of successful SIV visa applications. Since November 2012, when the SIV stream became available, until the last election in September 2013, only 28 visa applications were approved, seeing an investment level in Australia of $140 million.
The terms of reference of the review cover policy settings of the SIV, application processing arrangements and an international promotion of the program.
The Senator also said the Department would look in to the possibility of introducing a new permanent visa stream for potential investment migrants.
TSS Immigration will update you as soon as more detail on the proposed review is announced.
One of our migration agents will be in contact as soon as possible.