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of the subclass 188 visas is available for people who are willing to invest at least AUD 5 million into complying investments in Australia and want to maintain business and investment activity in Australia after the original investment has matured.
This is a pathway to the Significant Investor subclass 888C (SIV 888) permanent residence visa with a 5 year, multiple entry travel facility, which itself is a pathway to a Australian citizenship, subject to meeting certain residence requirements.
Crucially, there are additional legislative requirements relating to "complying investments", including within the Migration Regulations. Such is the interaction between the variety of possible investments, the investment instruments and vehicles and the regulations around compliance that independent legal advice may be warranted to ascertain that the proposed investment is in fact complying before commitment. This is prudent due diligence for an investment in excess of $5m for the time period envisaged for visa eligibility.
Furthermore, such is the potential complexity of that assessment that independent legal advice accompanying a visa application will in all likelihood facilitate and assist the smoothe and timely assessment of that component of the application assessment by Migration officers.
Assessment of investments in ASIC registered managed investment schemes require sign-off from the fund manager as to compliance - but that process in itself may require the fund manager to be independently advised to feel warranted in granting such a sign-off, or because of the self-regulatory nature of such sign-offs Migration assessment officers may feel more secure in their decision when the application is accompanied by independent legal advice around compliance.
Greg Finlayson has worked for many years in the investment management industry, including as a fund manager for an unlisted managed investment scheme in the agribusiness and agricultural property sector with funds under management in excess of AUD$120 million. With a unique mix of legal, financial and investment management experience and qualified as a Registered Migration Agent and practicing solicitor, Greg is well placed to provide independent advice on whether a proposed investment is compliant.