Migration Newsflash: Significant Investor Visa – New residency requirements

Migration Newsflash: SIV residency requirements

The Department of Immigration and Border Protection has provided guidance to the changes of the residency requirements for the Subclass 888 Visa that will affect applicants in the Significant Investor Visa stream.

National Leader, Immigration Services, MARN 9576974

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The Assistant Minister made an announcement in October 2014 on the number of changes the government intends to implement following a review of the Significant Investor Visa criteria.

Among these were changes in the pathway to permanent residency for people who obtain the 4 year provisional Subclass 188 Visa, specifically the announcement of a residency requirement for secondary visa applicants (i.e. family members) of 180 days per year.

The announcement of a new 180 days per year rule raised concerns that a new barrier had been introduced that might reduce the attractiveness of the visa program, however, the Department has now issued the following clarification:

  • The requirement will be for the primary applicant to reside in Australia for 40 days per year OR the secondary applicant (spouse) to reside in Australia for 180 days per year.
  • This residency requirement will be calculated cumulatively over the 4 year period of the provisional visa, i.e. 160 days over 4 years for a primary applicant or 720 days over 4 years for the secondary applicant (spouse).
  • There will be no residency requirement for all other secondary applicants.

The new requirement is scheduled to take effect from 1 July 2015.

The Department has provided Frequently Asked Questions information which provides more detail. Contact KPMG if you would like a copy.

 

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