On 1 July 2015, the Premium Investor Visa will be introduced into the Business Innovation and Investment Program. The Premium Investor Visa will fast-track the qualifying period to obtain a permanent residency visa to just 12 months, as compared to 4 years for the Significant Investor Visa.
When was the Premium Investor Visa (PIV) announced?
The PIV was announced by the Assistant Minister for Immigration and Border Protection on 18 May 2015.
The Government intends to introduce a new PIV from 1 July 2015 targeting talented entrepreneurs and innovators with a minimum $15 million to invest. It will be available at the invitation of the Australian Government only, with potential applicants to be nominated by Austrade.
What is the PIV?
The Premium Investor Visa is a new stream in the subclass 188 visa category. It aims to attract high net worth individuals to Australia to contribute their entrepreneurial skills. It is a pathway to permanent residency in Australia.
What are the investment requirements for SIV and PIV?
The investment requirements to become eligible for permanent residency under the respective streams are as follows:
Eligible sponsors for SIV are Austrade and State/Territory Governments. The only eligible sponsor for the PIV is Austrade.
In addition, visa holders must meet certain residency requirements prior to applying for their permanent residency visa.
What changes are happening in the SIV?
The Department has flagged changes to the residency requirement for obtaining a SIV. From 1 July 2015, the following residency requirements are expected to take effect:
Primary Applicant: 40 days per year OR
Secondary Applicant: 180 days per year
The residency requirement is cumulative over the period of the provisional visa.
How do I find out more?
Read about the Significant Investor Visa program or call our migration team on 02 8205 7555.
Please note this information is for general purposes only and we do not guarantee its accuracy.