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Australia to review millionaire migrants rule as it tightens immigration

Migrant millionaires could soon too feel the effects of Australia’s new immigration laws which essential dictates “Australia First”. This initiative essential calls for Australian companies and employers to focus on Australians. This might then mean that foreigners could find it more difficult to gain Australian citizenship.

Australia To Review Millionaire Migrants Rule As It Tightens Immigration

Earlier this month Australia announced that their 457 temporary work visa will be replaced with a programme with tougher qualifying criteria. The new system also means that Australian citizenship could soon be harder to come by.

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"The programme has to be designed to meet the Australian economy's needs. You will have the opportunity to directly have a say in the review and your feedback will be considered by the department," Assistant Immigration Minister Alex Hawke said at a Chinese in Australia seminar in Sydney.

"...The expectation from the Australian community is that migrants have competent English. I don't think that is unfair," Hawke said.

Foreign millionaires who qualify for the Australian Significant Investor Visa start the process of investing their capital Down Under in an effort to gain access to a stable socio-, economic and political environment where capital has the opportunity to grow. These foreigners are attracted to Australia’s excellent lifestyle and growing opportunities.

Australia already tightened their Significant Investor Visa rules in 2015. The rules included the requirement that applicants must invest in small-cap and venture capital funds while barring them from direct property investment.

The requirements for the Significant Investor Stream are:

To be eligible for this visa you must make an investment of at least AUD$5 million in any of the three options listed below and hold that investment continuously for at least 4 years.
• Invest in the Commonwealth, State or Territory Government Bonds
• Have eligible managed funds that are limited to investment in any or all of the following Australian assets:
• In Bonds or Term Deposits issued by Australian Financial Institutions
• In Bonds issued by the Australian Government or a State or Territory Government
• In Bonds, Equity or corporate debt in Australian companies and trusts that are listed on the stock exchange
• In property in Australia
• In Australian Agribusinesses
• In infrastructure projects
• In Annuities issued by an Australian registered Life Company
• In cash held by Australian deposit taking institutions
• In derivatives used for portfolio management and non-speculative purposes; which constitute to no more than 20 per cent of the total value of the managed fund
• In other managed funds that invest in the investment listed above
• In loans secured by mortgages over the investments listed above
• Have a direct investment in private companies in Australia in which you have an ownership interest. This company must operate a qualifying business.
• All income that you earn from your investments in Australia is subject to tax under the Australian taxation law.
• As part of this visas requirements you must also show that you have a genuine commitment to reside in the State or Territory whose Government Agency has nominated you; be prepared to continue your business and investment activity in Australia after your investment matures and live in Australia for a minimum of at least 160 days over the four years you hold your provisional visa.

Processing Times and Visa Requirements:

This visa is a temporary visa that leads to Permanent Residency after 2 years of investing and living in Australia.

The average processing time of this visa can take between 9 to 28 months from the date that the application has been received by the Department of Immigration and Border Protection. This visa is issued for a maximum validity of 4 years after which you are able to apply for your Permanent Residence Subclass 888 visa. If you are applying under the Investor or the Significant Investor Stream, you must make your investments before being granted the visa.

The Principal Requirements are:

• A valid Passport
• A birth certificate’s of all family members in and outside for Australia/travelling and non-travelling
• IELTS for all applicants over the age of 18 years
• Evidence of Net Assets
• Evidence of Investment/s in Australia
• Evidence of Qualifications
• A clear criminal record (Certain cases can be discussed on a case by case basis, should there be an issue).
• A clean bill of health (Certain cases can be discussed on a case by case basis, should there be an issue).

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Immigrating to Australia on a Significant Investor Visa is one of the more complicated visa applications. It would be prudent to consult a professionally recognized immigration agent to assist you with the application procedure.

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