The Australian government has announced it will introduce a new investor visa category, the Premium Investor Visa (PIV). This will offer a 12-month pathway to permanent residence. This will be a quicker option than the current Significant Investor Visa, which requires only $5 million, but to be invested for four years.
The PIV offers prospective migrants an opportunity for permanent residence if they invest AUD15 million or more in Australia. This will need to be invested in accordance with investment criteria, yet to be determined by Austrade in consultation with others. This may include rules around source of funds, which is not yet known.
According to Australian Prime Minister Tony Abbott, the new category will come into effect in July 2015.