Australia considers eliminating Special Visa program for Foreign Investors

Australia will consider phasing out the Australia's Significant Investor Visa (SIV) program, often referred to as the "golden ticket" for the super-rich if they invest more than AUD 5 million ($3.4 million) into funds in this country.

The Significant Investor Visa (SIV), commonly known as the "golden ticket", allows foreign investorsto stay in Australia for up to 5 years if investing in approved funds. This is also a pathway to permanent residency.

The program was introduced by the government in 2012 and has undergone many changes.  In 2015, this Investor Visa program is changed to move capital to emerging companies rather than the real estate sector.

More than 2,000 foreign investors have been granted SIV visas, with 85% coming from China and 3.6% from Hong Kong.  During the same period, more than $11 billion was invested in Australian businesses.

Unlike other visas, successful SIV applicants are not required to study or speak English and there is no age limit.

However, after many years of implementation, SIV has received many negative reactions. But the program is said to offer business benefits especially for fund managers.

This Investor Visa program will be reviewed, but will almost certainly be eliminated in the near future.

Australia considers eliminating Special Visa program for Foreign Investors

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