New Zealand vs Australia for Investors | Pitt & Moore, Lawyers in Nelson
New Zealand vs Australia for Investors
With similar climates, wide-open spaces, good schooling and a strong economy, Australia is also an attractive destination for investors.
If you are weighing up the options of pursuing residence in New Zealand or Australia, here is a brief overview of one of the Australian visa options for investors.
Significant Investor Visa (Subclass 188)
Since the introduction of Significant Investor Visa in November 2012, around 1,750 applicants have been granted this visa along with their family members, which requires them to invest $5 million, offering a pathway to permanent residency in Australia.
The visa is for the people who are willing to invest at least $5 million over a period of four years into complying significant investments in Australia and want to maintain business and investment activity in Australia.
According to the Australian government, applicants under this stream, most of them Chinese, have made an investment of $8.7 billion in complying investments.
Applicants for the Subclass 188 visa must submit an expression of interest through SkillSelect and be nominated by a state or territory governments or Austrade on behalf of the Australian government. This is a temporary or provisional visa, that can lead down the track to permanent residence, if all visa conditions and requirements are satisfied.
- Each application needs extensive supporting documentation, including identity, relationships, health and English language ability.
- The visa allows applicants and their family members to travel in and out of Australia and run a new or established business. As mentioned, above the visa provides a pathway to permanent residency under the Business Innovation and Investment Visa (Subclass 888).
- The visa holders are required to live in Australia for at least 40 days per year while on a provisional visa, or their spouse must live for at least 180 days in a year.
- The applicants must reside in the state or territory whose government agency nominates them. They have to continue their business and investment activity in Australia after the conclusion of their provisional visa.
During 2016, nationals from Hong Kong, Malaysia, South Africa and Vietnam were granted Subclass 188 visas. However, unsurprisingly, an overwhelming majority of visa holders in this category are from China, who have received nearly 90% of the visas under this stream last year.
Alternative Investor visa streams include the ‘Investor Steam’ and ‘Premium Investor Stream’ which require applicants to invest $1.5 million and $15 million respectively.
For the Business Innovation and Entrepreneur streams, an applicant must be under the age of 55 years. However, the nominating state governments may waive this condition. Applicants are also required to meet the health and character requirements.
So if you are considering your visa options, it pays to talk to an immigration lawyer for expert advice and the latest information.
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Disclaimer: This article should not be used as a substitute for immigration / legal advice tailored for your specific circumstances.