Australia’s ‘golden ticket’ visa, a pathway to permanent residency

Key aspects of Australia’s golden ticket

• The applicants must invest $5 million, to live in the country for five years
• A few new modifications will be announced on the Millionaire visa for 2023
• The ‘golden ticket’ visa costs $9,195 for the main applicant

Overview:

Australia offers a scheme of ‘golden ticket’ visa, which requires an investment of at least $5 million, to live in the country for up to five years. The jobs and skills summit will be deciding to make a few modifications on this Significant Investor provisional visa for the year 2023.

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‘Golden ticket’ paves a way for Australia permanent residency

The ‘Golden ticket’ visa is also known as the Significant Investor provisional visa, where a successful applicant can invest a minimum of $5 million and stay in Australia for up to five years period. This visa program is considered a pathway to obtaining Australian permanent residency.

The ‘golden ticket’ visa program was first set in motion in 2012, by the Gillard government which further was modified several times.

Clare O'Neil, Minister for Home Affairs of Australia stated, “the jobs and skills summit will be deciding on making a few modifications on this Significant Investor provisional visa for the year 2023.”

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Eligibility criteria to obtain a Millionaire Visa

The applicants who invest in this visa stream must meet a few eligibility requirements which are mentioned below.

·  18+ applicants must be able to speak basic English or will be insisted to pay the second installment for an extra charge

·  A investment of $500,000 in long-term capital and private funds (which are invested in private companies and start-ups)

·  The applicants must be nominated by an agency from the territory or state

·  A $1.5 million must be in approved managed funds investing in new companies on the stock exchange

·  A balanced investment in managed funds with a minimum of $3 million

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Significant Investor visa (SIV) statistics

A significant investor visa (Subclass 188) is a visa stream that directly targets business investment and innovation. The individuals under this stream must meet a few necessary requirements and have a genuine reason to own that investment as long as they stay in Australia.

The ‘golden ticket’ visa costs $9,195 for the primary applicant, including their family members for an extra charge.

As of June 2020, the Department of Home Affairs has reported, granting 2,349 Significant Investor visas, since the program began in 2012. A minimum of $11.7 billion was pitched into the framework of complied investments.

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Most of the applications, with a total percentage of 84.8, were from China, and from them, 84.9 percent were granted. 3.6 percent of the visas that have been granted during this time were from Hong Kong.

According to the figures of the Department, 7,000 citizens from China, including more than 5,000 family members of the 2,370 Chinese nationals, have been granted this visa.

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