Levitt Robinson Solicitors has joined forces with Canada-based international law firm Cabinet Juridique 1713M to assist Asian investors wishing to participate in Australia’s Significant Investor Visa (“SIV”) scheme.
The scheme, which gives residency to wealthy foreign nationals who invest $5 million in Australian government bonds or eligible managed funds, was boosted in November last year when the categories of qualified managed funds investment were expanded to include annuities, derivatives, mortgages, and interests in unregulated managed funds. Investment in real estate through a fund is also allowed.
There has been a dramatic increase in Australia’s SIV applications since Canada closed its long running Immigrant Investor Program in February this year. The Canadian program – which was launched in 1986 and enabled 130,000 people, predominantly from China, the Philippines and India, to migrate to Canada – closed with a waiting list of 59,000 people.
The formal association between Cabinet Jurique 1713M and Sydney’s leading immigration law firm Levitt Robinson will facilitate an alternative destination for the thousands of Asian high-net worth individuals who were left up in the air when the Canadian program closed.
According to Levitt Robinson’s Migration Division Director Ms Tamara Rabadi, wealthy Chinese have been the primary beneficiaries of the Australian scheme, making up 85 per cent of the visas granted to date and 91 per cent of the 772 applications that have been lodged.
“Canada’s program was a success despite it ultimately running its course. The demand for Australia’s SIV’s is increasing on a monthly basis,” Ms Rabadi said.
“Working alongside an international firm with years of experience in such programs will guarantee the best results for our clients.”
Levitt Robinson is a market leader in cross-jurisdictional legal practice and boasts staff fluent in French, Greek, Mandarin, Indonesian, Bengali, Malay, Punjabi, Hindi and Arabic.
Ms Rabadi has extensive experience in all facets of business migration and can answer any enquiries in relation to SIVs.