The Australian government proposes to increase investment thresholds and also intends to revamp business categories in the special access visas to Australia, as a part of the review of the scheme worth $13 billion.
The Minister for Immigration stated that the Home Affairs Department will consult many persons on improvements in its program involving business innovation and investment that allows migrants with a good record of innovation and financing of businesses for settling in Australia.
The existing thresholds that were in force, since 2012 permit investors to obtain visas for living and working in Australia when they decide to spend $1.5 million in a four-year period.
Applicants belonging to Significant Investor Category have to spend $5 million in a four-year period to get a visa. The program so far has attracted $13 billion investments in Australia, but the economy needs a better deal.
Immigration to Australia has a great attraction and there is a need for encouraging overseas nationals intending to come to Australia and making sound investments in job creation. Additionally, it will also ensure the maximization of the economic benefits of this program. The Minister also assured of encouraging stakeholders to engage in this process of consultation, to lead in maximizing the benefits to Australia.
This review will continue until February 14, 2020, and consider ways to rationalize the existing visa categories and nine distinct application streams.
The plan is to raise the Investment threshold and also change the investment categories. Furthermore, the government will consider methods to encourage additional investment and business innovation in the promising rural and regional areas. The Home Affairs will hold a succession of consultations in the review.
There is a huge demand for these visas and it exceeds supply. Many migrants enter Australia on provisional visas for four years.
In the present financial year, So far 6800 visa places were allocated in the program. This represents 6.3 percent among the visas given by using the skills stream in the migration program.
Investors have to comply with a stringent framework, and also invest in eligible Australian venture capital or in the private equity funds that invest in start-ups and smaller private companies.
The remaining investments can be made in listed securities, corporate bonds, or annuities, notes, and real property in Australia subject to a limit of 10 percent on residential real estate.
Data also shows that after 2012, there was a grant of 2260 significant investment visas that resulted in $11.32 billion spending in the national economy.
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