The Government has announced changes to the Business Innovation and Investment Program (BIIP), effective from 1 July 2021.
The Significant Investor Visa (subclass 188C) requires the applicant to invest $5million in a complying managed fund in Australia. The following Complying Investment Framework (CIF) ratios will apply from 1 July:
- 20% of $5m to be invested into venture capital and Private Growth Equity funds (VCPE) This is an increase from 10% pre 1 July
- 30% of $5m to be invested into funds investing in emerging companies
- 50% of $5m to be invested into balancing investments. This is a decrease from 60% pre 1 July
Further comments from the announcement include:
- Applicants will be required to provide annual independent audit reports showing their compliance with the CIF.
- The use of Fund, debentures, and derivatives will be clarified in the CIF.
The Investor Visa (subclass 188B) will require an investment amount of $2.5 million, previously set at $1.5million, over a 4 year period.
If you would like to discuss these changes and how they affect your immigration plans, please get in touch with our team of experts
Our team are also experts in New Zealand immigration where Government regulations differ and may better suit your circumstances.