John Bruby, Chairman of the Australian Chamber of Commerce and Industry. (
According to the Australian newspaper, the Australian government visa program has contributed more than A $10 billion to Australian economic since the launch of the major investor visa (Significant Investor Visa, (SIV) in 2012, according to a new report released by (Australia China Business Council) and Deloitte Private customer Service (Deloitte Private), a consulting firm.
The report states that the issuance of more than 2000 SIV visas for the period from November 2012 to June 2012 has led to these investments. Of these,87% of the SIV visas are granted to China`s Mainland immigrants.
As a subcategory of the (Business Innovation and Investment) visa program for business innovation and investment migrants, the SIV visa is processed by the Ministry of the Interior (Department of Home Affairs). It provides entrepreneurs and high net worth investors with at least A $5 million in compliance assets with a four-year transitional visa and a channel through which they can be converted to permanent residence upon expiry.
"although the SIV program accounts for only 0.1 percent of all approved visas a year, it has brought in about A $10 billion in investment since its launch in 2012," the report said.
The report also pointed out that in fiscal year 2017 alone, A $90 million of new capital in SIV plans to flow into Australia`s venture capital and private equity markets as a result of adjustments to SIV visa investment requirements.
"there is no doubt that SIV visa holders have the potential to make a significant contribution to Australia`s innovation and development," Cali (Andrew Culley), managing partner of Deloitte`s private customer service, said in the report. "although only a small proportion of immigrants are received in Australia, more than 2000 people have contributed more than A $10 billion to investment in Australia since 2012."
Kali said Deloitte`s private customer service has shown the SIV plan, which has attracted a number of areas of investors and has provided Australian companies with opportunities and sources of funding to contact overseas people.
But he said that, given the minimum requirements of $5 million for a number of SIV holders, their application for permanent residence is still pending, and the full benefits of the visa scheme will take time to show. This process may take at least six years.
`"The plan has not only attracted a new investment of $1 billion, but also attracted each participant to their own talents and energy.",` he said yesterday, `"We are confident that in the long run, the SIV immigrant community will prove its effective impact on the economy.".`
The report also raised objections to the recommendations of the Productivity Commission for the abolition of the SIV plan. The Productivity Council earlier claimed that SIV visas had limited social and economic benefits over other visas.
