Permanent residency visas will be offered to people investing in innovative Australian ideas and emerging companies, as part of enhanced Significant Investment Visa (SIV) and new Premium Investor Visa (PIV) from 1 July 2015.
These investor visas offer pathways to permanent residency.
Together with the new rules relating to the Medical Research Future Fund, crowd source funding, employee share schemes and tax breaks for small business - the government is looking to support innovation!
Minister Robb said the programme aim is to drive innovation and make a real difference.
(And then he cuts back export entitlements to SME exporters? )
Minister of Immigration - Michaelia Cash said “The Government is keen to attract international investors with business and entrepreneurial skills, who will bring the necessary capital to enhance investment into innovative Australian businesses,”
Significant Investor Visa
From 1 July 2015, the Government intends that new SIV applicants will be required to invest at least $5 million in complying investments, which must now 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).
The reforms to the SIV and introduction of the PIV were announced by the Prime Minister in October 2014 as part of the Government’s Industry Innovation and Competitiveness Agenda.
Property does not count as a complying investment to qualify for a visa.
Further information on the new complying investment framework for the SIV can be found on Austrade webpage: www.austrade.gov.au/invest/significant-investor-visa-and-premium-investor-visa-programmes.