Australia drafts framework for 5 mln AU dollars visa scheme

The Australian government on Thursday released a draft investment framework for an enhanced Significant Investor Visa Scheme (SIV) and design options for a new Premium Investor Visa (PIV) as part of its broader competitiveness agenda, Minister for Investment and Trade Andrew Robb said.

The SIV requires 5 million AU dollars (3.85 million U.S. dollar) from the applicant to get Australian citizenship in four years, while the PIV scheme, to take effect on July 1, 2015, would require a minimum investment of 15 million AU dollars (11.5 million U.S. dollars) and offer an accelerated 12-month pathway to citizenship.

Under the draft framework for SIV, at least 20 percent, or 1 million AU dollars (770,000 U.S. dollars), investment must flow into early stage, growth capital investments, through approved venture capital funds.

The draft framework also specifies that at least 30 percent, or 1.5 million AU dollars (1.15 million U.S. dollars) of the applicant's investment must flow into emerging listed companies, through managed funds investing in small Australian stock exchange listed companies.

It reinforces the existing rules banning direct investment into residential real estate, and introduces new measures to clamp down on indirect investment into residential real estate. A portion of funds will continue to be permitted to flow into commercial real estate, via managed funds.

Under the existing SIV scheme, investment is directed largely into passive investments like government bonds. Under the proposed changes government bonds would no longer be a complying investment class.

Robb said the reforms are aimed at better directing investment through the visa schemes into more dynamic areas of the economy, including venture capital and small emerging companies.

The framework and design options were developed by Australian Trade Commission following initial rounds of stakeholder consultation which attracted 68 written submissions.

This scheme will be more flexible in terms of investment class and will be aimed at attracting exceptional business people to Australia, including high-calibre entrepreneurs.

Robb said investor visas offered a valuable prize which the government believes warrants investment in more dynamic and productive areas of the economy which experience capital constraints.

"These changes will attract more investment into high-growth companies and will support the commercialization of great Australian research. Our key objective is to see more investment into areas which support innovation and which provide new sources of growth capital, particularly in areas with thin capital flows," Robb added.

Assistant Minister for Immigration and Border Protection Michaelia Cash said the enhancements are designed to see the full potential of the government's investor visa scheme realized, while maintaining strong safeguards to ensure Australian migration program is not misused.

"Changes to complying investment policy for the SIV and new PIV would take effect from 1 July, and include higher risk and potentially higher return investments such as venture capital, which will provide a bigger potential boost to the Australian economy," Cash said.

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