Business-savvy migrants with at least $5 million to invest in Australia can apply for new investor visas from November. The investment visas were announced in May and Immigration Minister Chris Bowen released what the conditions were on Wednesday. People can submit expressions of interest through SkillSelect from November 24.
"The $5 million minimum is considered to be sufficient for a meaningful investment contribution, justifying eligibility for visa concessions such as not having to meet the points test, no upper age limit and access to reduced residence requirements," Mr Bowen said in a statement. They will have to invest in state and territory government bonds, Australian Security Investment Commission-regulated managed funds that invest in Australian assets, or in unlisted private Australian companies.
"Where visa holders choose to invest directly into Australian companies, these companies will need to meet certain qualifying business standards," he said. Visa holders will be able to extend initial four year visas by additional two year periods. They will be able to satisfy the residence requirement of 160 days in Australia at any time throughout their four year visa.