Ease off the Rules to Attract Migration Wealth
Last year, Andrew Stoner (NSW Deputy Premier and Minister of Trade & Investment) annouced investor migrant’s generated AU$50 million, it help to meet the State’s key infrastructure needs. This year NSW state government implemented further reforms to attract more migrants.
NSW government amended on the Business Talent (Significant Business History stream) (subclass 132) visa and the Investor Retirement (Temporary) (subclass 405) visa and reduced requirements for nomination for these visa.
“Business Talent – Significant Business History stream (subclass 132) visa:
- Reduction in Business Plan minimum investment from $3 million to $1.5 million
- Reduction in the amount of net personal and business assets to be transferred to Australia for business and settling expenses from $ 4 million to $3 million.
- Reduction of the Annual Turnover requirements of current main business to $3 million (aligning with Department of Immigration and Boarder Protection guidelines).
For Investor Retirement (Temporary) (subclass 405) visa:
- No longer require to invest or operate a business that aligns with the applicant’s skills and experience.
- No longer compulsory to undertake market research
- No longer compulsory to have an interview with NSW Trade & Investment