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IMPACT – MEDIUM
What is the change? The New South Wales (NSW) Government has announced a change that significantly eases investment restrictions of Significant Investor Visa (SIV) nominees.
What does the change mean? New applicants will no longer have to meet minimum holdings in NSW Waratah bonds.
Background: Beginning 1 Sept., the NSW Government will eliminate the requirement that Significant Investor Visa applicants hold a certain amount of their money in NSW Waratah bonds. Applicants may now invest all of their $5 million investment in complying investments of their choice.
Significant Investor Visa applicants must invest AUD$5 million in complying investments for at least four years before they are eligible to apply for a permanent visa.
The new policy will apply to applicants nominated from 1 Sept. Those nominated for SIVs before 1 Sept. are bound by the current rules that require applicants to invest 30 per cent, or AUD$1.5 million, in NSW Waratah bonds.
The NSW Government’s Deputy Premier and Minister for Trade and Investment Andrew Stoner announced the change on 27 Aug.
BAL Analysis: The removing of investment restrictions will make the Significant Investment Visa more attractive and flexible to high-value foreign investors.
This alert has been provided by BAL Australia. For additional information, please contact australia@bal.com
MARN: 9683856
Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@bal.com.
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