Guest xmas lights Posted December 7, 2013 Share Posted December 7, 2013 Has anyone any experience of this visa? Looking to get over on this. I'm a self employed trader/investor and seem to meet the criteria etc. Just wondering how complicated (or not) the paperwork can be. Is it merely a case of showing your assets and proof you have made them from investing/trading? Any comments/help appreciated. Link to comment Share on other sites More sharing options...
wrussell Posted December 7, 2013 Share Posted December 7, 2013 Has anyone any experience of this visa? Looking to get over on this. I'm a self employed trader/investor and seem to meet the criteria etc. Just wondering how complicated (or not) the paperwork can be. Is it merely a case of showing your assets and proof you have made them from investing/trading? Any comments/help appreciated. If you propose to invest $5million+ it would be prudent to consult a registered migration agent. Link to comment Share on other sites More sharing options...
Guest xmas lights Posted December 7, 2013 Share Posted December 7, 2013 Thanks but it is the subclass 188 investor visa I'm going for. An investment of A$1,500,000 is required for this visa. Link to comment Share on other sites More sharing options...
Rupert Posted December 7, 2013 Share Posted December 7, 2013 There seems to be a stream that only requires $1.5 million. OP this is an uncommon path on PIO and Westly is quite right, some professional advice before committing these very large sums would seem like a good investment. Link to comment Share on other sites More sharing options...
wrussell Posted December 7, 2013 Share Posted December 7, 2013 If you intend to apply under the 188 Investor Stream not the subclass 188 Significant Investor Stream ($5 million) here is the guts of it: For the Investor Stream, the requirements are as follows: You have had business and personal net assets of at least AUD 2.25 million for the last 2 fiscal years You must make an investment of AUD 1.5 million in Australian State or Territory bonds prior to grant of the visa You have 3 years of experience either managing a qualifying business or "eligible investments", and have showed a high level of management skill For at least 1 of the last 5 fiscal years, you have either: Managed a business in which you hold a 10% shareholding; or Managed "eligible investments" of at least AUD 1.5 million All the best Link to comment Share on other sites More sharing options...
Alan Collett Posted December 8, 2013 Share Posted December 8, 2013 Has anyone any experience of this visa? => Yes. What would you like to know? As a general rule applying for an investor visa is not for the faint hearted or the unassisted - the 188 subclass is one of the more technically demanding. Best regards. Link to comment Share on other sites More sharing options...
Adam Grey Posted December 8, 2013 Share Posted December 8, 2013 I agree it's an uncommon pathway that does warrant professional assistance if you choose to go down that route. In a lot of the investment/business visa cases my company has experienced, there is often an easier and less costly visa option which we have been able to recommend. You may have done so already, but my advice would be to explore your eligibility for other options first before committing to a process that involves investing vast sums of money. Link to comment Share on other sites More sharing options...
Alan Collett Posted December 8, 2013 Share Posted December 8, 2013 Also, visa strategies for investors and business owners really should include a consideration of the tax issues impacting - visa strategy and tax (in the UK and Australia) are inextricably linked, and holistic advice is a must have (in my humble view). Whether you go for a 188 visa, or a 457 visa, or some other subclass financial considerations are a significant factor - for most seeking visas under these subclasses the issues are much more than just the visa pathway. Best regards. Link to comment Share on other sites More sharing options...
Guest xmas lights Posted December 8, 2013 Share Posted December 8, 2013 Thanks for the replies. I'm intrigued by the comment 'this visa is not for the faint hearted'. Care to explain your reasons? We've started the process and thus far found it quite straightforward. We were tempted to look at the significant investment visa but we're not wanting to exchange such a large sum at the current exchange rate. Having spent considerable time in Australia and having spoken to migration experts over there (and wasted time and money), we have come to the conclusion the investment visa is our only option. Yes of course Alan, tax issues are certainly a major issue here. Thanks for replies. I'd be very interested to hear from individuals who have gone through this visa process as well as visa agents. Link to comment Share on other sites More sharing options...
blossom Posted December 8, 2013 Share Posted December 8, 2013 You may not find any on this forum who have gone through it. It is not a common one on the forum, and many people once they have their visa don't come back to update us. Link to comment Share on other sites More sharing options...
Alan Collett Posted December 8, 2013 Share Posted December 8, 2013 I'm intrigued by the comment 'this visa is not for the faint hearted'. Care to explain your reasons? => I find the subclass 188 visa one of the most technically challenging of all the visa types we handle. As well as having to prepare personal net asset statements on at least 3 dates (the most recent of which must be drawn up on a date that is within 3 months of the date the visa application is lodged - all to be supported by statements of balances or valuations) - there is a need to demonstrate the qualitative aspects of your investment decisions over a 12 month period to the satisfaction of the DIBP. => Add to this the requirements for sponsorship by your preferred State or Territory Government, which can be additional to DIBP requirements. => The asset to be used to make the Designated Investment must be an investment asset - and here a consideration of capital gains tax can come into play: what asset/s might be sold to mitigate a CGT position? If you have a limited company business and are going to draw down funds to secure the required fuds, how can you do this while mitigating your personal tax bill? => If you are looking at the Significant Investor visa rather than the Investor visa, a consideration of your future plans is also relevant given the wider range of investments on offer and the reduced number of days you need to be in Australia to secure permanent residency, usually under subclass 888. => If you are happy to have A$1.5m of funds with the sponsoring State for 4 years and are happy with the required period of residence in Australia to secure permanent residency under the Investor stream of the 888 visa I'd be looking at the Investor stream of the 188 - subject to personal circumstances there's likely to be no compelling reason to have A$5m of funds invested in Australia; probably better to limit funds invested in Australia to the DI of A$1.5m and to keep the rest offshore: the income and capital gains on your funds over and above those in the DI can then be received on a free of tax basis, at least while you have the 188 visa. => I usually recommend that applicants considering an investor or business owner subclass 188 visa strategy familiarise themselves with the permanent visa requirements (probably the 888 visa) and then work backwards, assuming that a permanent move to Australia is the long term objective. Hope this helps! Best regards. Link to comment Share on other sites More sharing options...
Adam Grey Posted December 8, 2013 Share Posted December 8, 2013 I completely agree regarding the tax implications. That's why in these cases we act in close conjunction with a specialist associate firm that provides expert knowledge on the financial implication of each option, so we can work in our client's best interests for all aspects. It's another reason why I would always recommend professional assistance if considering this pathway. The fee for assistance is nothing compared to the potential savings from the right strategy. Link to comment Share on other sites More sharing options...
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