SIV program: The Great Wall of Frustration

By James Riley

The 1000 applications represent a minimum of $5 billion in investment dollars waiting to be transferred into Australia and it’s fair to say that putting $5bn just out of arm’s reach of the investment industry will get them cranky every time.

According to conference organiser David Chin from market intelligence outfit Basis Point, the Coalition government has been good to its word on getting SIV applications processes faster, and to expanding the numbers coming through the scheme.

There are more than 1000 formal applications from wealthy Chinese for Significant Investor Visas sitting in Hong Kong with officials from the Australian Immigration department waiting for approval.

It wants the discovery work for applications in China to be done by industry associations and private sector auditors rather than by the Immigration Department, which they say is too slow and maintains evidence benchmarks that are too onerous.

Shanghai Resources general manager and old China hand John Findley says the requisite standards of proof that SIV applicants must produce for the Immigration Department are “beyond criminal".

The SIV program is still in its early days, the conveyor belt of applications and approvals is still getting up to speed and for our tech start-ups patience could well be the key to potential prosperity.

Read more here: Business Spectator


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