Writer: Matthew Halliday, MARN 0701626
As some of you may already know, under the Significant Investment Program, Australia grants residency to people who invest five million Australian dollars into a complying investment. Applicants can then apply for permanent residence after holding their investment for 4 years.
As part of the application process, applicants need to gain nomination either from an Australian state or territory government or the Australian government trade organisation know as 'Austrade'.
As Austrade has traditionally had less restrictive requirements, to date, it has been the preferred choice by the majority
of SIV applicants.
However recently we have been informed by Austrade that they are reviewing their SIV nomination program and that they have
decided to temporarily suspend nominations until the review has been concluded.
New and existing applicants for nomination will now have to consider applying for state or territory government nomination.
Each state and territory has slightly different requirements but almost all require that part of the investment be made into
companies operating within their particular states.
It is thus more important than ever for applicants to seek advice from registered migration agents who have all the up to date information on the various state government requirements and can also assist you in finding investment advisors able to offer complying investments.
Choosing which state or territory to obtain an SIV or an IV nomination from is no longer just a lifestyle choice but requires careful planning and creation of a strategy to maximise both your lifestyle goals and financial and visa success.
As one of the oldest agencies specialising in Korea, we have long experience in business and investment migration to Australia.