Australian Government Announced the SIV Review Results Today

The Australian government plans to introduce a new premium visa program, encouraging “more high net worth individuals to make Australia home”.

Prime Minister Tony Abbott today said a new Premium Investor Visa (PIV) will be introduced, offering a more expeditious, 12 month pathway to permanent residency than the current Significant Investor Visa (SIV) program.

Individuals must meet a $15 million threshold, while the investment eligibility criteria will be determined by Austrade in a consultation with key economic and industry portfolios.

This will “leverage better direct additional foreign investment, while maintaining safeguards to ensure the migration program is not misused,” the government said today.

Changes are also being planned to the SIV, which the Government says include “streamlining and speeding up visa processing”, more promotion of the program internationally and strengthening integrity protections.

The criteria for eligible investments are also being change so that they align with “the Government’s national investment priorities”.

These criteria will be determined by the Federal Government’s Austrade agency in consultation with the key economic and industry portfolios.

Austrade will also become a nominating body for the SIV, complementing the current state and territory governments’ role as nominators, and will be the the only body that can nominate applicants for the PIV.

Changes to the SIV will take effect during 2014-15, with the Premium Investor Visa to be introduced from 1 July 2015.