SIV Review outcome and changes announced

The Government today announced important changes to the Significant Investor Visa and creation of a Premium Investor visa.

The new Premium Investor Visa (PIV) will require an investment of $15 million, nomination by Austrade and has no residency requirements.  PIV holders will be eligible for permanent residency after holding the complying investment for 12 months.

Other changes include:

• the involvement of Austrade in the nomination of applicants on behalf of the Australian Government and in determining complying investment policy
• allowing ‘role swapping’ between primary and secondary applicants during the provisional visa stage
• introduction of 180 day residency requirements for secondary visa holders
• changes to improve visa processing times

The changes will be made progressively through the 2014-15 programme year, with changes requiring legislative amendment expected to come into effect from 1 July 2015.

These changes will not apply to current SIV holders or current applications.

Further information is available in the Department’s SIV Fact Sheet and SIV Review FAQ Sheet

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