The government plans to introduce a new premium visa programme, encouraging “more high net worth individuals to make Australia home”.
Prime Minister Tony Abbott today said a new Premium Investor Visa (PIV) will be introduced, offering a more expeditious, 12 month pathway to permanent residency than the current Significant Investor Visa (SIV) programme.
Individuals must meet a $15 million threshold, while the investment eligibility criteria will be determined by Austrade in a consultation with key economic and industry portfolios.
This will “leverage better direct additional foreign investment, while maintaining safeguards to ensure the migration programme is not misused,” the government said today.
The government said it will also streamline the process of its 457 visa programme for skilled migrants as part of competitiveness reforms.
It will also relax standards when it comes to English language testing and skill requirements for applicants.
The Temporary Skilled Migration Income Threshold of $53,900 will not be altered but will undergo further review within the next two years.
The changes follow an independent review into competitiveness, commissioned by the Abbott government.
Changes to the SIV will take effect during 2014-15, with the Premium Investor Visa to be introduced from 1 July 2015.