Premium Investor Visa - Further Details

The Australian Government hasprovided some additional details about the new Premium Investor Visa (PIV) that is mooted to be introduced on 1 July 2015 and will supplement the existing $5 million Significant Investor Visa (SIV).

The Government has indicated that the visa will target “ ..talented entrepreneurs and innovators. The PIV will offer a more expeditious, 12 month pathway to permanent residency than the SIV, for those meeting a $15 million threshold. The PIV will be available at the invitation of the Australian Government only, (emphasis added)with potential recipients to be nominated by Austrade. This programme will be rolled out over the next year, focussing on attracting a small number of highly talented and entrepreneurial individuals.  States and Territories will play an important role in helping to identify potential applicants.”

It is expected the rules for both the SIV and PIV will close a loophole that allowed applicants to borrow against the qualifying investments they made in Australia and either repatriated the funds or diverted them to tax haven centres.

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