Immigration recently issued a new policy on major investor visas for 188C, which further standardizes the requirements for funding sources.
Among them, there are two common sources of funding that are not recognized!
The following is an interpretation of this policy:
1. Provide that income earned through gambling game is not recognized as a legitimate source of funding
The Australian Immigration Service last week updated the 188C compliance major investment immigration temporary visa requirements for funding sources.
It is pointed out in the document that, as the gambling game industry is easy to involve money-laundering activities, it is also very difficult to source the proceeds obtained by track back through gambling game, all through gambling, sports lotteries, The proceeds of horse and dog gambling will not be recognized as a legitimate source of funding by the Migration Board.
2. Recognize only gifts that occur before parents / children
In addition to disapproving the proceeds obtained through gambling, sports lotteries, horse betting and dog gambling, the Migration Board also stipulates that funds given by non-parents or children are not recognized!
Immigration said: these sources of funding will pose unforeseen risks to subsequent investments and are likely to further affect Australia`s economic development, so it needs to be clarified from a policy point of view.
The latest recommendation is designed to assist visa officers in making decisions and providing clear information to stakeholders.
After the New deal came out, that is to say, neither of the above mentioned sources of funding could be recognized in the visa process.
In addition, the New deal applies to applications under consideration.
3. A brief Analysis of 188C Major Investor Visa
Category 188C Major Investor Visa is a temporary residence visa set up by Australian government to attract applicants who can make a huge investment contribution to Australian economic and fund major investment projects across the country.
At the heart of the visa is that the applicant needs to have A $5 million in legally earned net assets and invest in the required investment products for four years. This type of visa does not require applicants to do business / investment background, age, English ability or education. It is very suitable for successful people with high net worth and are busy with domestic business and unable to settle in Australia for a long time.
What are the specific requirements for 188C investment visas and the procedures for 188C to 888C visas?
The specific requirements of the 188C visa are as follows:
- No age, English requirements, no scoring
- No business background requirements
- Certify legal ownership of A $5 million (which can be a gift)
- Invest A $5 million in required investment products for four years (Australian funds / unlisted companies)
- Starting from July 1, 2015, the residence requirements are as follows: the principal applicant has resided in Australia for 40 days a year, which can be calculated cumulative, for example, 160 days in four years.
- Or a deputy applicant (spouse) who has resided in Australia for 180 days a year, which can be calculated on a cumulative basis, for example, 720 days in 4 years
- There is no residence requirement for any deputy applicant other than the spouse
Since July 1, 2015, the Australian Immigration Office has introduced a new 188C visa policy, which requires applicants submitted on and after July 1, 2015 to invest A $5 million in three directions:
- Invest in at least A $500000 or more in Australian venture capital or private equity funds
- Invest in eligible small business funds or small and medium-sized board stock funds at least A $1.5 million or more
- Uniform investment in fund stocks, bonds, notes, annuities or real estate funds of at least A $3 million, of which residential real estate has a 10 per cent limit
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