From 1 July 2015, new SIV applicants will be required to invest at least $5 million in complying investments, which must include:
- at least $500,000 in eligible Australian venture capital or growth private equity fund(s) investing in start-up and small private companies. The Government expects to increase this to $1 million for new applications within two years as the market responds;
- at least $1.5 million in an eligible managed fund(s) or Listed Investment Companies (LICs) that invest in emerging companies listed on the Australian Securities Exchange (ASX); and
- a ‘balancing investment’ of up to $3 million in managed fund(s) or LICs that invest in a combination of eligible assets that include other ASX listed companies, eligible corporate bonds or notes, annuities and real property (subject to a 10% limit on residential real estate).
Direct investment in residential real estate has never been a complying investment for SIV and this will not change. Indirect investment in residential real estate through managed funds will now be restricted. A SIV holder can still independently invest in residential real estate so long as it complies with foreign investment rules, but this would not count as a complying investment to qualify for a visa.Department of Immigration and Border Protection will continue to apply robust integrity and compliance measures in its management and delivery of the programme, with applicants undergoing rigorous assessment, including mandatory character and security checks.The Government has introduced a new PIV from 1 July 2015 targeting talented entrepreneurs and innovators with a minimum $15 million to invest. It will be available at the invitation of the Australian Government only, with potential applicants to be nominated by Austrade.This programme will be rolled out over the next year, focussing on attracting a small number of highly talented and entrepreneurial individuals to Australia who can contribute those skills and talents into areas which deliver a long term economic benefit to the country. States and Territories will play an important role in helping to identify potential applicants.Further information on the new complying investment framework for the SIV and PIV can be found on Austrade webpage: www.austrade.gov.au/invest/significant-investor-visa-and-premium-investor-visa-programmes. Any further enquiries about the complying investment framework can be directed to email@example.com.
Information on the process of applying for a SIV can be found on the Department of Immigration and Border Protection’s webpage.