The federal government will conduct a comprehensive review of the Australian immigration system. In next month's government budget, the Significant Investor Visas (hereinafter referred to as the SIV visa) for overseas wealthy people may be cancelled.
According to data from the Australian Immigration Bureau, since 2012, more than 2,300 main applicants have obtained Australian SIV, and also brought more than 5,000 family members, of which 85% are from mainland China, 3.6% are from Hong Kong, and a small number of applicants from Vietnam , Malaysia , South Africa and other countries have been approved.
During the duration of this visa, Australian companies received funds with investment of more than AUD 11 billion. Unlike other visa categories, applicants who have successfully approved 188C do not need to learn or speak English, nor have age restrictions.
Australian Home Minister Clare O'Neil said that after years of review and adjustment, this visa, often called "golden tickets", will be cancelled. Because Australia has a visa category that can buy status with just money, most Australians will feel offended and do not see that there are too many benefits for the country.
Before 2015, most of the funds of Australia's 188C entered the Australian real estate market, so the Australian Immigration Bureau revised the policy, and applicants need to hand over 5 million Australian dollars to the fund to manage and formulate an investment framework.
Australian 188C visa allows the recipient to stay in Australia for up to 5 years. After paying 5 million Australian dollars to a fund portfolio recognized by the Australian government, and truly hold the investment within the validity period of the visa. After meeting the investment and residence requirements for 3 years, the applicant can apply for a permanent residence visa.
Compared with other commercial immigration visas, this visa does not require an age limit for applicants, no English and academic requirements, no EOI score is required, and the residence requirements are very relaxed, and the source of funds proves to be relatively relaxed.
Australia 188C application requirements
1. The applicant owns personal assets of no less than 5 million Australian dollars;
2. Need to obtain a nomination from the state or territory government or the Australian Trade Commission;
3. Invest at least 5 million Australian dollars in investment fields that meet the regulations:
-- At least 1 million Australian dollars to Australian venture capital or private equity products;
-- At least 1.5 million to small businesses listed on the Compliant Small Business Fund or Australian Stock Exchange (ASX);
-- Up to 2.5 million is to manage funds or invest in other compliant assets, including listed companies on the ASX, compliant corporate bonds or promissory notes , listed investment company ;
Australia 188C to 888Permanent Residence Requirements
According to the requirements of the Australian Immigration Bureau, currently 188C to 888Permanent Residence Visa, which is what everyone often calls Australian PR application requirements are very relaxed:
1. The main applicant can live in Australia for 40 days a year, or the deputy applicant (spouse) can live in Australia for 180 days a year, and one of the main and deputy applicants can meet the residence requirements;
2. After the investment of 5 million Australian dollars in Australia expires in three years and meets the residence requirements, the applicant can apply for a permanent residence visa from the Immigration Bureau;
The total investment quota for immigration in Australia has been greatly reduced in this fiscal year, and the future policy direction will further raise the threshold. Interested friends must seize the time left and take the last bus.
Because the process involved in Australian commercial investment immigration is complicated and the details are relatively cumbersome, it is recommended that you find professionals familiar with Australian immigration law in advance and prepare materials comprehensively to improve the efficiency of visa review.
