Premium Investor Visa (PIV)

Prime Minister Tony Abbott announced a new Premium Investor Visa (PIV) which offers a more efficient, 12 month pathway to permanent residency than the current Significant Investor Visa (SIV) program.

According to the Prime Minister, this new visa category, which will officially come into effect on July 1, 2015, will offer immigrants permanent residency if they invest A$15 million or more in the country. The investment eligibility criteria will be determined by Austrade in consultation with key economic and industry portfolios.

These changes in visa regime, according to Mr. Abbott, are aimed to “leverage better direct additional foreign investment, while maintaining safeguards to ensure the migration program is not misused”.