New South Wales continues to support visas for wealthy Australian investors
Investors may consider the SIV (Significant Investor Visa – SIV) Australian investment visa currently being supported and prioritized by the New South Wales government.
According to the latest figures from the Legislative Council of New South Wales, the state government has nominated 112 people for the first year of 2017 – 2018.
This visa, known as the SIV Australian Investment Visa for wealthy investors. Accordingly, these investors will be offered a permanent residence in exchange for an investment of AUD $ 5 million for government-approved investments, such as investment fund projects, dividends, and key bonds. government and business.
To be eligible, the investor must be nominated by the state and must prove he or she will live in that state.
Although the number of people eligible for this visa represents only a small percentage of total migration to Australia each year, the 2016 Report of the Productivity Commission shows that they are concerned about “the visa is being sold”. for wealthy foreigners. ”
The New South Wales governor, Gladys Berejiklian, said through a spokeswoman that the government’s involvement in the visa program was of economic interest, she said only 78 investors were nominated in the fiscal year. The visa is granted by the Ministry of the Interior.
The New South Wales Ministry of Industry also supports this program. In particular, a ministry spokesman said New South Wales was well positioned to attract more investment from businesses and immigrants to benefit New South Wales. However, the Productivity Board objected and said that according to what they study, benefits only benefit the holders of visas and employers, not the state.
They also point out that SIV visa holders have a weaker social integration than other visa holders because the visa does not require language and age, and there is a high risk of this type of visa being just One way they invest Australia’s money is not transparency into Australia. Therefore, the Productivity Committee has proposed the abolition of this type of visa.
This visa was created during the Gillard administration in 2012, there are two lines – 188C 4-year temporary residence and then apply for permanent residence 888C. So far, the New South Wales government has nominated 1,329 people for a four-year residency visa, but starting in November 2016 may nominate for a permanent resident visa.
A spokeswoman for the Australian Department of Home Affairs said that as of June 2018 more than $ 10 billion was invested in the SIV visa program. Chinese investors are the main beneficiaries of the program, figures show that Chinese investors accounted for 87% of total SIV visas issued since 2012.