An unnamed investor from China became the 500th person to be granted a Significant Investor Visa (SIV) by the Australian government.
Australia's Assistant Minister for Immigration and Border Protection Senator Michaelia Cash, in announcing the grant of the 500th visa, said in a statement: "The SIV program is now realizing its potential since the Coalition won Government and we fully expect it to grow even further. Since the Coalition came into Government, $2.36 billion has been invested into the Australian economy by recipients of this visa with complying investments ranging from State or Territory Government bonds, managed funds or direct investment into Australian companies."
The Chinese investor who was nominated for the visa by the Victorian Government said that he is looking forward to having closer ties with Australia, adding that he and his family are looking forward to being integrated into the Australian culture.
The SIV was introduced to help boost the Australian economy by expediting processes for high net-worth individuals seeking investment migration in the country.
To become eligible to apply for a permanent visa, prospective migrant investors are required to invest AU$5 million (US$4.3 million) into "complying investments" for a minimum of four years on a provisional visa.
Complying investments include state or territory government bonds, managed funds regulated by the Australian Securities and Investment Commission (ASIC) and/or direct investment into Australian companies not listed on a stock exchange where that company operates a qualifying business, according to Australia's Department of Immigration and Border Protection.
Following the announcement of the 500th person to be granted visa under the program, Cash said that they will be introducing a new 180-day-per-year residency requirement for secondary SIV applicants to encourage prospective investment migrants and their families to settle in Australia, "bringing with them their wealth and business acumen."
Australia introduced SIV visas two years ago and more than 80 percent of applications have come from China, according to The Australian.
Minister Cash further revealed that Australia now has a new Premium Investor Visa (PIV) offering a faster 12-month pathway to permanent residency for prospective migrants who invest AU$15 million or more into Australia, but the investment money must go into higher-risk infrastructure priorities rather than lower-risk sovereign bonds and managed funds.