The Significant Investor Visa scheme will open on 24 November 2012, and investors will be required to commit US$5.2 million over four years, and spend a minimum of 40 days per calendar year living in Australia.
The investors will be eligible to apply for a permanent visa, after the four-year investment period, and provided they meet the residence requirements.
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Though the visa applicants are not required to satisfy the English language threshold needed by other skilled migrant visa classes, they will have to pay a second visa application charge if they are unable to demonstrate the required English skills.
Also, the complying investments include Commonwealth, State or Territory government bonds, ASIC regulated managed funds and direct investment into Australian proprietary companies.
For being eligible to apply, the applicant must be first nominated by a State or Territory government, and prove the $5.2 million has been "lawfully acquired" and is "unencumbered".
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