Coalition to reboot significant investor visa programme
Friday, 07 March 2014
The Coalition government today announced a review will be undertaken to reboot the significant investor visa (SIV) programme, Assistant Minister for Immigration and Border Protection, Senator the Hon Michaelia Cash said.
'We recognise there are significant implementation issues that are currently holding up the progress of this programme and want to get this review underway to send a clear message that Australia is open for business on this visa,' Minister Cash said.
The review, to be undertaken by the Department of Immigration and Border Protection, will look at all options to enhance the significant investor visa programme. The internal review will be conducted in close consultation with the financial services industry and stakeholders.
'There will be particular emphasis on examining ways of enhancing greater flexibility and investment choices to significant investor visa applicants, as well as faster processing of applications for this visa. The review will also examine the possibility of introducing a new permanent visa stream for investment migrants,' Minister Cash said.
'From the programme's commencement in November 2012 until September 2013 when the election was held, just 28 visa applications were approved with $140 million in complying investments,' Minister Cash said.
'Since the Coalition Government came to office, more than 116 significant investor visa applications have been approved with more than $580 million in complying investments.
'In January this year, more than $165 million in complying investments came through the programme compared with Labor's monthly peak of $30 million in July last year.
'This review will further assist the programme to attract international investment to Australia in the competitive global market.'
The significant investor visa programme is designed to facilitate migration of investment migrants who are willing to invest a minimum of $5 million in a complying investment in Australia over at least a four year period.
Terms of reference for the review broadly cover the policy settings of the significant investor visa, application processing arrangements, and international promotion of the programme.
Last update: Tuesday, 11 March 2014 at 14:12 AEST