Here’s all you must know about Australia’s investment visa program
In November 2012 several significant investor visa was introduced. More than 1746 applicants along with their family members were granted this visa. It requires an investment of $5 million which in turn can offer a pathway to permanent residency. Under this stream 312 new primary visas were issued and among them 212 visas were nominated by Victoria. Although there were concerns about the misuse of the visa programme but this programme has been defended by Victoria’s minister.
This visa is mainly for people willing to invest an amount of attest $5 million over four years of time for complying significant investments in Australia and for maintaining investment or business activities in Australia. Government reports that applicants under this stream are mostly Chinese and they have made an investment of $8.7 billion. Applicants for this visa need to submit an expression of interest which must be nominated by the state or territory governments. The applicants must furnish extensive supporting documentation which includes identity, children, relationship, health and English language ability.
Eligibility And Requirements:
Sponsored investor visa (provisional visa) holders in Australia are those who have lived there for at least two years before placing visa application. Only those who have genuine commitments for maintaining investment in Australia are eligible for this visa. People who have previously been involved in any illegal business activities or have hefty debts to Australian Government are not eligible.
This visa allows the applicants and their family members for travelling in and out of Australia and also enables them to run a new or established business. Provisional Visa Holders need to live in Australia for at least 40 days per year. The applicants are required to reside in the territory or state of the government whose agency has nominated them. They are required to continue investment and business activities in Australia even after the completion of the time period of their provisional visa.
Many rich applicants from Malaysia, Hong Kong, Vietnam, South Africa had opted for this visa program but a large majority of visa holders are from China. They have received almost 90 percent of the visas under this programme last year.
Eligible persons obtaining this visa have the right to reside in Australia for an indefinite time being and can work in Australia. They have the right to get enrolled in Medicare including Australia’s scheme for health related expenses and care.
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