The NSW Government has announced that effective 1 September 2014, there will be changes to the complying investment requirements for Significant Investor Visa (SIV) Subclass 188 / 888 Applicants.
What is changing?
Applicants nominated from 1 September 2014 onwards for the Significant Investor Visa Subclass 188/888 will be able to invest 100% of the required AUD 5 million into any complying investment of their choice. Previously, SIV applicants were required to invest at least 30% in NSW State Government bonds.
Mr Andrew Stoner, Deputy Premier and Minister for Trade & Investment in NSW said that the change enables NSW to “further consolidate NSW’s globally competitive position as a preferred investment decision for investor migrants.”
To apply for nomination after 1 September 2014, applicants seeking NSW Nomination for the SIV 188/888 visa subclass will need to:
- demonstrate that they have at least A$5 million in assets that are unencumbered and lawfully acquired and readily available for transfer to Australia
- declare that they will invest at least A$5 million in complying investments. There is no requirement to invest any amount in NSW Government Waratah Bonds.
Based on the latest SIV statistics from the Department of Immigration and Border Protection, there have been 343 SIV visas granted since the program was launched in November 2012 representing AUD 1.715 billion in investment to the Australian economy. Of the 343 visas granted, 126 were granted in the state of NSW and 171 in the state of Victoria.
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