SIV & Investor Visa Update: May 2022
There is always something happening in the investor visa (IV & SIV) world. In this month’s newsletter we look at:
- Austrade reviewing their SIV nomination program.
- The importance of visa applicants obtaining professional financial advice from an ASIC Registered Financial Adviser.
- Ongoing investment requirements for IV and SIV visa holders.
Austrade SIV Review
We have been informed by Austrade that they are reviewing their SIV nomination program. As such, they have decided to temporarily suspend nominations until the review has been concluded.
Until the review has been concluded and the outcome is known all SIV applications will require relevant state or territory government nominations.
The Ord Minnett Investor Visa Service has SIV and IV solutions for every Australian state and territory.With each state and having their own specific and at times restrictive investment criteria, choosing who to be nominated by has become the most important and complicated choice a visa applicant can make.
Choosing which state or territory to obtain an SIV or an IV nomination from is no longer just a lifestyle choice.
It is important that your clients seek professional advice from an ASIC Registered Financial Adviser before applying for an NSW nomination. We would be more than happy to assistPlease contact us at [email protected] and help your clients make an informed decision.
Important: Do you have any 188B Investor Visa clients under the pre-1 July 2021 regulations?
Evidence of additional investment and ongoing investment commitment
Before applying for their 888 PR nomination, it is important to hold evidence of any investments they have made in addition to their bonds (designated investment) and their ongoing investment commitment.
There have been refusals to nominate the 888 based on failure to meet the requirements of additional investment. This can come as an unexpected shock to 188B holders who have spent up to 4 years in Australia already.
We strongly encourage you to introduce any 188B Investor Visa clients you have on hand. We can provide financial advice and investment solutions for additional investment, reinvestment of funds from the maturity of the bond and a strategy for the ongoing investment commitment.
Like the 188B, holders of the 188C (SIV) are required to have a realistic commitment to continue their Australian investment activity after they have received their subclass 888 Permanent Residency Visa.
To qualify for the 888 nomination Australian States and territories require proof that the complying investments have been of benefit to the state (or territory), and that other investment have been made that will be of economic benefit after the PR has been granted.
We have been actively providing financial advice and post SIV investment solutions to ensure our clients cab demonstrate their ongoing investment commitment.
With Australia’s borders reopening to international visitors, we are starting to meet new and existing clients at our fourteen Australian offices.For those not ready to visit Australia, we continue to enjoy great success by having an email introduction made as early as possible. Best practice continues to be, an early email introduction, followed by, initial consultations, and follow up meetings conducted efficiently via Zoom or WhatsApp conferencing.
We look forward to working with you and to helping your clients obtain their Australian Investor Visa (IV) or Significant Investor Visa (SIV) and also have a great Australian Investment experience.
MANAGING DIRECTOR - SIV INVESTMENT SERVICE
After a career spanning over 25 years of Private Banking and Trade Finance, Brett moved to Asia joining ipac Singapre as a Senior Vice President in 2005. Joined Ord Minnett in 2012, and established the SIV Ord Minnett Investment Service.
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