Introduced by the Australian Government as a new stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa, the Significant Investor Visa (SIV) aims to provide a boost to the Australian economy by enticing high net worth individuals that are seeking investment migration. The leaders in high conviction investing, SG Hiscock is a Melbourne based boutique fund manager. Here we will answer some frequently asked questions relating to the Significant Investor Visa program.
What Is Required from SIV Applicants?
Applicants are required to invest $5 million into complying investments for a minimum of four years before being eligible to apply for a permanent visa.
What Are Complying Investments?
Complying investments include:
- Commonwealth, State or Territory government bonds
- Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia
- Direct investment into Australian proprietary companies
Significant Investor Visa applicants can hold investments in any or all of the above mentioned options, and in any proportion. They also have the ability to change between complying investments, as long as they meet the specified reinvestment requirements.
How Does an ASIC Regulated Managed Fund Qualify as a Complying Investment?
To qualify as a complying fund, it must be limited to the below categories:
- infrastructure projects in Australia
- cash held by Australian deposit taking institutions
- bonds issued by the Commonwealth or a State or Territory government
- bonds, equity, hybrids or other corporate debt in companies and trusts listed on an Australian Stock Exchange
- bonds or term deposits issued by Australian financial institutions
- real estate in Australia
- Australian agribusiness
Is There a List of Approved Funds in Which I Can Invest?
The Department of Immigration does not provide a list of approved funds for the purpose of the Significant Investor Visa. The responsibility falls on applicant to ensure that the managed fund they have invested in meets the requirements.
Can A Significant Investor Appoint Another Person to Manage Their Complying Investments?
The SIV applicant is able to engage third party to manage their complying investments if they wish. The applicant is not required to have any direct involvement in managing the complying investments.
How Do I Get a Permanent SIV?
To be eligible for a permanent Significant Investor Visa, an applicant must:
- be nominated by a State or Territory government
- have continuously held complying investments for the life of their provisional Significant Investor Visa
- have held the provisional Significant Investor Visa for a minimum period of four years
- meet the residence requirement
All Significant Investor Visa applicants must be able to prove that the funds they are investing in are compliant. SG Hiscock has a number of funds which satisfy the eligibility requirements and qualify as complying investments. For more information, get in touch with our team online or by calling 1300 555 511 today.