According to Mr Bowen, the significant investor visa will be put in to place to provide a boost to the local economy and to compete effectively for high net worth individuals seeking investment immigration on an international scale.'The AUD 5 million minimum is considered to be sufficient for a meaningful investment contribution, justifying eligibility for visa concessions such as not having to meet the points test, no upper age limit and access to reduced residence requirements,' Mr Bowen said.
'Importantly, significant investors will be required to make complying investments in Australia which include state and territory government bonds, Australian Security Investment Commission-regulated managed funds that invest in Australian assets, and direct investment into private Australian companies not listed on the stock exchange.
'Where visa holders choose to invest directly into Australian companies, these companies will need to meet certain qualifying business standards.'
Mr Bowen said visa holders would have the flexibility to extend their initial four year visa by additional two year periods. They would also be able to satisfy the residence requirement of 160 days in Australia at any time throughout their four year visa.
To read the full details of Mr Bowen's announcement, click here.
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