Significant investor visa scheme jumpstarts residential investments in Australia
Significant Investor Visa (SIV) scheme has given Australian residency to foreigners willing to spend at least $5 million on Complying Investments. After four years, Significant Investor Visa holders are eligible for permanent residency.
China’s super wealthy have led a jump in the number of fast-tracked residential visas and now represents a very significant increase in the number of high net worth individuals in the country. These are usually very dynamic and self-made business people and their families.
Sydney’s real estate agents have seen a spike in the number of buyers from China in recent weeks in particular. The investments are also good news for Sydney’s prestige home owners hoping to sell before Christmas, according to them.
Significant Investor Visa is a stream within the Business Innovation and Investment (Provisional Subclass 188) and Business Innovation and Investment (Permanent Subclass 888) visas. The purpose of the visa is to provide a boost to the Australian economy and to compete effectively for high net worth individuals seeking investment migration.
Recent statistics from the DIBP shows that as of October 2016, 1614 Significant Investor Visa (SIV) visas have been granted from the commencement of the programme on 24 November 2012, with AUD$8.070 billion invested in Complying Investments.
Sources: DIBP / domain.com.au