The New South Wales Government has been attracting overseas investment under the Significant Investor Visa (SIV). The SIV is a new category of visa introduced by the Commonwealth Government in November last year to help the country attract more international high net worth individuals who are looking to migrate.
Under the terms of the new visa, investors are required to invest at least AU$5 million in complying investments for a minimum of four years before being eligible to apply for a permanent visa. In NSW, visa applicants are required to invest at least 30% of this in NSW Waratah Bonds, which can then be used to support key infrastructure projects across the state.
NSW Deputy Premier and Minister for Trade & Investment, Andrew Stoner, recently visited Japan and China to promote the benefits of investing in NSW. He confirmed that 15 successful NSW nominated investors have apparently each made at least AU$1.5 million investment in NSW Waratah Bonds, and a further 26 NSW nominations have preliminary approval to proceed to invest.
In total, said Mr Stoner, NSW has nominated 239 potential migrants for the Significant Investor Visa.
Many countries are keen to attract high net worth individuals, because of their potential spending and investment capabilities and the boost these can give to local economies. However, because of their vast wealth, the financial arrangements of these individuals can be very complex, and it is important that they have up-to-date estate plans in place to protect their wealth and ensure it is passed on to the next generation in the most tax efficient way.
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