Significant Investor Visa attracts foreign investor interest
A billion dollars has already been committed to funds that fall under the Government's recently introduced Significant Investor Visa (SIV) scheme, according to estimates by The Trust Company head of corporate client services Andrew Cannane.
Outlined in the Federal Budget, the visa is available to those who invest a minimum of $5 million into State or Territory government bonds, Australian Securities and Investments Commission-regulated managed funds, and/or direct investment into Australian companies.
Speaking at a seminar aimed at promoting foreign investment in Australia, Cannane said The Trust Company had seen an increase in enquiries to its Singapore and Sydney offices from those looking to take advantage of the visa opportunity.
"As a net importer of capital, Australia needs foreign investment and we expect the SIV will result in substantial capital flows into Australia," he said.
The Trust Company, which has been appointed custodian to one SIV fund, stated that it is in discussions with other providers about the provision of responsible entity and custody services for other upcoming offerings.
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