The assistant minister for immigration and border protection of Australia, Michaelia Cash announced that the country has successfully granted 500th significant investor visa (SIV) for the first time in its history. She described the move as a milestone for the SIV program.
Notably, $2.36 billion has been invested in the Australian economy by grantees of the visa, including the investments from managed funds, State or Territory Government bonds and direct investments to Australian firms.
The SIV was initiated to foster the Australian economy and to encourage wealthy individuals looking for investment migration. Foreign investors are required to invest AU$5 million for at least four years prior to being qualified to file an application for permanent visa.
Cash stated that based on the success of the SIV, the government of Australia has introduced new Premium Investor Visa that necessitates applicants to invest AUD15 million and offers an opportunity for permanent residency after a period of one year.
Additionally, the government is planning to initiate a 180-day per year residency requirement for secondary applicants of SIV to support investment migrants and their dependents to settle in Australia, stressed cash.
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