The Minister for Immigration Scott Morrison MP made a speech at the Migration Institute of Australia this Monday 21st October in which he discussed how the coalition government will be approaching the migration portfolio in the years ahead. The Minister singled out the 188 Significant Investor visa as a priority for the government and raised the following points:
- Processing times for this visa to be reduced. The proposed processing time under the former government of 9 months is “far too long” according to the Minister
- Introduction of specialised assessment teams to undertake the financial and other analysis required in a timely manner without compromising the integrity of the program.
- Likely increase in fees to cover the costs of these specialised assessment teams.
- Visa criteria to be revised to reduce some of the confusion and uncertainty in the marketplace regarding eligibility for the visa
Mr Morrison highlighted that the real target of the program is to encourage high net worth individuals with the skills to run businesses and generate wealth for the broader Australian economy to settle with their families in Australia for the long term.
For the full speech delivered from Minister for Immigration Scott Morrison MP, please click here.
If you require any assistance or advice in relation to the 188 Significant Investor Visa, please don’t hesitate to contact us.