First Australian Significant Investor Visa is granted
More than 200 applications for the Australian significant investor visa have been received by the Department of Immigration and Citizenship and the first one has been already granted.
The new program was introduced for the first time in November last year. Its aim is to attract potential migrants with a demonstrated history of success in business and investment and the first successful applicant is a Chinese toy manufacturer and his young family.
In order to get the new visa foreign investor must make an investment worth at least 5 million AUD in the Australian economy.
They will become eligible for a permanent visa after holding provisional visa and maintaining their investment for at least 4 years.
‘Australia is in active competition with other countries across our region for successful, high wealth individuals and the capital and business acumen that comes with them,’ said Minister for Immigration and Citizenship Brendan O’Connor.
Significant foreign investors are very important for the Australian economy because they create new jobs and have links to the international markets. In addition to that, they have the capital for other investment and projects
Investment options include Commonwealth, state and territory government bonds, managed funds and direct investment into proprietary Australian companies.
State and territory governments are partnering with the Commonwealth to ensure the available visas are offered to the most experienced business people and high profile investors
There are no age limits for the significant investor visa. Applicants granted with the visa are required to stay in Australia for at least160 days per year.
Visa holders can extend their visa term if they would like to given that they satisfy the extension requirements.
They will be allowed to extend their provisional visa by an additional two years, with a maximum of two extensions permitted.
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