Whilst awareness of the SIV is spreading in key source countries, the majority of High Net Worth individuals are still unaware of the SIV and its benefits.
Many HNW individuals assume that an investment visa requires them to reside full time with their family in Australia (turning their back on their business). This of course is not the case! This assumption leads these HNW families to never investigating or seeking any immigration advice. Once HNW families are informed about the flexibility of being able to continue to run their business in their home country due to low residency requirements and the ability for their children to study in Australia at the same time, a shift in attitude generally occurs.
A quick reminder of the main features and benefits of the SIV are:
- Low residency requirement (40 days per year for primary applicant or 180 days for the spouse and no requirement for the dependent children). This is appealing to people who wish to continue running their successful business in their home country.
- No English requirement
- No Age limit
- No points testing or interview
- Fast processing (Visa grants as quick as 3 months)
- It is a family visa. Money can be gifted by family or spouse. Dependent children are included
- Due to low residency requirement, the applicant doesn’t need to be an Australian resident for tax purposes.
- Under Australia’s Migration Act of 1958, it may be possible for Australian residents who hold the provisional visa to take advantage of the temporary resident rules which exclude foreign sourced income and gains from Australian tax.
The table below shows statistics – 1 July 2017 – 28 February 2018.
|Expressions of Interest (EOI) submitted through SkillSelect||256|
|Invitations to apply for a SIV issued as a result of applicants being nominated by a state or territory government||231|
|Primary applications lodged||219|
|Primary visas granted (subject to regulations post 1 July 2015)||104|
|Primary visas granted (subject to regulations prior to 1 July 2015)||9|
As of 28 February 2018:
- 1952 SIV visas have been granted from the commencement of the program
24 November 2012.
- 1644 (subject to regulations prior 1 July 2015)
- 308 (subject to regulations post to 1 July 2015)
AUD9.760 billion has been invested in Complying Investments
(Source: Ord Minnett)