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The latest news on the $100,000 investment issue.
Test Case: $100,000 designated investment
One of our members has lodged the evidence of his client taking out a security bond (from one of the State or Territory authorities specified in Legislative Instrument 0! 7/065) with DIAC. We thank that member and his client for taking this step, and with them we await DIAC decision.
Further DIAC advice on $100,000 investment problem
DIAC has placed the following information about the $100,000 designated investment matter on their website in the "What's New? Recent Changes in Skilled Migration" section. This section is not always easy to find, but is located at:
http://www.immi.gov.au/skilled/g ... ion/whats-new.htm#b
"Closure of Capital Investment Scheme for pre-1 September GSM visa applications - 27 November 2008
The department wishes to clarify the situation regarding lodging a deposit as an individual investor to meet the requirements for a capital investment. The department is not aware of any investment products currently offered by the four State and Territory Government Authorities listed in the Instrument which meet all the requirements as listed in Regulation 2.26C.
Some States may consider sponsoring offshore applicants whose occupations are not on their State lists.
Information on options which have been identified can be found at the ‘What's New? Recent Changes in General Skilled Migration&#! 39; page.
See: Frequently Asked Questions - Capital Investment Scheme"
The Migration Institute of Australia has written to the four State/Territory authorities which are specified under Legislative Instrument IMMI 07/065 to offer securities which meet the requirements of Regulation 2.26C to seek their co-operation in offering investment opportunities which will satisfy the regulation. We will keep members informed of any progress in this matter.
For those who have clients affected by the current unava! ilability of a designated security investment, you should, if you have not already done so, consider other options that may be available to them. Some of these possible options can be seen by clicking on the above link to "Frequently Asked Questions".
Please note that if your client's nominated occupation has been placed on the Occupation in Demand List since the application was made, points can be claimed for that (under Schedule 6A) without having work experience (as that is a Schedule 6B requirement which does not apply to the pre-1 September 2007 cases).
State sponsorship options - new information from DIAC
Please also note DIAC's advice that: "Some States may consider sponsoring offshore applicants whose occupations are not on their State lists." We understand that DIAC has allocated 500 skilled visa places for States and Territories which can be offered to people whose nominated occupation is on the Skilled Occupation List, but not on the State or Territories Skilled Occupation List. This would allow Subclass 136 applicants to be moved to Subclass 137 (still in the same visa class).
There seem to have been no official announcement of this, no criteria for this have been published, and no indication of which, if any, States or Territories will take up this option. Expressions of interest may prompt them to take up the offer.
The Institute has asked for clarifica! tion DIAC's advice on this. We will keep you informed.
Kind regards
Kevin Lane
Registered Migration Agent [MARN: 0213954]
Professional Support
Migration Institute of Australia |
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