The new Premium Investor Visa (PIV) was released today, under the Subclass 188/888 Business Innovation and Investment Visa.
This visa will offer high net worth individuals an accelerated 12 month pathway to permanent residency if they invest at least $15 million into complying premium investments.
Under the new framework, a complying premium investment may include:
- securities quoted on the Australian Stock Exchange (ASX);
- bonds or notes issued by one of the following:
- A company that is quoted on the ASX;
- A wholly-owned subsidiary of a company on the ASX, if the subsidiary is incorporated in Australia;
- a company incorporated in Australia, or a registered foreign company, if the bonds or notes are rated as investment grade by a credit rating agency that holds an Australian financial services licence; or
- the Commonwealth Government, the government of a State or Territory or a local government authority in Australia
- a proprietary company within the meaning of the Corporations Act 2001;
- annuities (with limitations);
- Australian real property (with limitations);
- if the investment is made through a managed investment fund — cash held by Australian ADIs, including certificates of deposit, bank bills and other cash?like instruments (with limitations);
- derivatives (with limitations).
As well as the introduction of the PIV, the requirements for the Significant Investor, Business Innovation, and Investor streams have been amended.
FCB Smart Visa will continue to provide information on PIVs as it is released. To discuss the opportunities the introduction of this visa may offer to you, please contact an FCB Smart Visa migration agent on (02) 9922 5188.