Australia will review its significant investor visa program

Australian passport stamp

The Australian Government has announced that it will undertake an internal review of the Significant Investor Visa program. According to the Assistant Minister for Immigration and Border Protection, Michaelia Cash, some significant problems with the implementation of the scheme have emerged that halted the progress of the program.

The review of the program will ensure that Australia remains an attractive destination for the high net worth international investors. Department of Immigration and Border Protection (DIBP), which is the main government body that is responsible for conducting the review has announced that it will consider all of the available options which will lead to the enhancement of the Significant Investor Visa program.

The review will be made in assistance with representatives of the financial industry and all internal 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,’ Cash explained. She said that since the beginning of the program only 28 investor visas have been granted, bringing a total investment of 140 million dollars into the country. The program itself is designed for such individuals that are ready to make an investment of at least 5 million AUD into the Australian economy.

At the same time, a recent statistics poll shows that a record number of visitors have arrived in Australia during January and February 2014 with Asians leading the way. The increase in short term visitors to Australia over the past year has continued, up 8.7% from last year, and there were 560,000 short term visitor arrivals to Australia’s shores in January 2014, making it the highest January on record.

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