Yesterday, the Australian government announced that over AUD3 billion has been invested in the country’s economy through the Significant Investor Visa (SIV) programme, since its launch just three years ago.
This scheme offers visas to high level investors and continues to grow rapidly with the average monthly applications lodged in 2014-15 already 15 per cent higher than in the previous year.
Just 28 Significant Investor visas had been granted between the introduction of the programme in November 2012 and the 2013 federal election, attracting AUD140 million in investments.
Assistant Minister for Immigration and Border Protection, Michaelia Cash, said, “the Government is committed to further success of Australia’s investor visa programme.”
“Due to the massive economic boost from the programme, I am looking forward to a bigger potential boost to the Australian economy from the Premium Investor visa (PIV), which will come into effect on 1st July 2015,” she added.
The PIV will require an investment of AUD15 million into complying investments and will allow applications for permanent residence after 12 months.