MEDIA RELEASE: $155M FROM BUSINESS & INVESTOR MIGRATION TO REBUILD INFRASTRUCTURE

Andrew Stoner MP
Deputy Premier of NSW
Minister for Trade and Investment
Minister for Regional Infrastructure and Services

Thursday 6 March 2014

The NSW Government’s efforts to boost high value migration are delivering significant  benefits for the NSW economy, with the State’s successful promotion of the Commonwealth’s new Significant Investor Visa alone already generating a $155 million boost for the State.

“The Significant Investor Visa is one of the ways the NSW Government is taking  advantage of rising demand in Asia in order to grow our economy, create jobs and  rebuild the State’s infrastructure,” Mr Stoner said.

“We have been actively promoting the Significant Investor Visa in key overseas markets like China and were first to develop a ready-to-go designated investment vehicle for the Significant Investor Visa in the form of NSW Waratah Bonds.

“So far 52 NSW nominated applicants have had their Significant Investor Visa approved by the Commonwealth, with investment in Waratah Bonds totalling $155 million.

“This is great news for the economy and for communities around the State as every dollar invested in Waratah Bonds goes to support the infrastructure needs of the State such as the North West Rail Link, WestConnex and the Pacific Highway upgrade.”

Mr Stoner also announced the NSW Government would streamline two key migration visa pathways to help attract more  overseas entrepreneurs and investors to the State and to generate more jobs and investment.

“The changes we are announcing today make NSW an even more attractive environment for high value migrant business people and investors,” Mr Stoner said.

“By streamlining requirements for NSW nomination for these visa pathways we are giving potential investors and entrepreneurs from overseas even greater confidence that NSW is open for business and ready for business.

“The changes encourage increased business and investor migration in regional NSW, bringing a welcome economic boost to regional and rural communities across the State,” he said.

Business Talent (Permanent) (Subclass 132) Visa

From 5 March 2014, NSW nomination under the Business Talent (Permanent) (Subclass 132) Visa  will  contain  three simple steps  in addition  to the Commonwealth’s requirements:

 A business plan that demonstrates business investment and job creation; Investment of $1.5 million and a commitment to create 5 new FTE jobs for applicants whose business will be in Sydney (down from $3 million and  5 FTE jobs);

 Investment of $1 million plus a commitment to create 3 new  FTE jobs for applicants whose business will be in regional NSW (down from $2 million and 3 FTE jobs).

Investor Retirement (subclass 405) (Temporary) Visa

The Investor Retirement (subclass 405) (Temporary) Visa is a renewable four year visa for self-funded retirees with no dependents and who want to live in Australia during their retirement.

The Commonwealth Government has strict requirements for applicants for this visa.

These include:

• Assets of at least $750,000;
• Investment of a further, minimum $750,000 into a designated investment vehicle (for instance, Waratah Bonds in NSW); and
• Adequate health insurance and a certain level of net income.
• For applicants seeking to live in regional Australia, the asset requirement and the investment requirement are both $500,000 instead of $750,000.

Restrictive conditions removed from NSW’s requirements include: 

The need for applicants to provide a business or investment plan consistent with their skills and experience;

The requirement for applicants to undertake a research visit to NSW.

Other Trade & Investment media releases can be found here: http://www.business.nsw.gov.au/media-releases

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