Nick UK Posted April 2, 2011 Share Posted April 2, 2011 Hi, if anyone has had any experience of this VISA I would appreciate hearing from them. On the understanding the funds (currently $750k into a Designated Investment) were available and net asset requirments is it a fairly straightforward VISA to be granted and pathway to PR? It seems different States have different rules so it can get rather confusing. It's also my understanding that one has to start a new business or be involved in a business in order to qualify for PR? For NSW for example, they state that 'passive investments such as bonds etc' would not qualify as an investment if one wanted to actually pathway through to PR. Basically, I don't want to have to start a new business or take over an existing one as (a) clearly there is significant risk to the capital and (b) if the business fails not only do you lose all your money but they kick you out of the country aswell adding insult to injury! So, I guess I am asking if it's possible to just invest in Government Bonds (or whatever asset class they deem as 'eligible') and qualify for the Provisional 165 but also be eligible for PR on the basis the Govt bonds are held? If anyone has any knowledge of the workings in practice of this VISA type it would be great to hear from you! Thanks, Nick Link to comment Share on other sites More sharing options...
rammygirl Posted April 2, 2011 Share Posted April 2, 2011 Hi It does say you must hold business interests for the 165. Not sure this was always the case used to be either business and/or investment. For the PR investor that follows it does say either/or. The advantage over the 163 is there are no turnover requirements etc and as far as I can see no requirement that you have to be involved in the day to day management of the business. You do have to tie up a considerable sum though, although you do get interest payments from it. With SA we got them twice a year. Our stint on 165 didn't last though and we are now back in UK and waiting for grant of a 163 for return. Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted April 2, 2011 Share Posted April 2, 2011 To be honest Nick I think you need to speak to a professional for the information you need, There will not be many on the forum with the experience needed to give you a detailed answer. Considering the amount of money that could be involved it would be worth you paying to get the expertise that would be needed to give you the correct information. Link to comment Share on other sites More sharing options...
Nick UK Posted April 2, 2011 Author Share Posted April 2, 2011 Thanks but I'd rather avoid Migration Agents. If anyone has any first hand experience or knowledge of this type of VISA I'd be grateful to hear your experiences. From my research it seems that if you are sponsored by South Australia then investing in 'passive investments' is permitted at a pathway to PR but this is not the case in NSW or Victoria. Please anyone correct me if that isn't strictly true, but it doesn't specify what sort of business or how much turnover etc it needs to make in order to satisfy PR. Anyone have more practical detail on this? Rammygirl: Can I ask why your 165 VISA didn't work out? Link to comment Share on other sites More sharing options...
Alan Collett Posted April 3, 2011 Share Posted April 3, 2011 Thanks but I'd rather avoid Migration Agents. <snip> Would you consider talking to a Chartered Accountant, Nick ... ? :biggrin: Best regards. Link to comment Share on other sites More sharing options...
Alan Collett Posted April 3, 2011 Share Posted April 3, 2011 PS. Most of the States and Territories are happy for you to simply maintain the Designated Investment as a basis for sponsoring the permanent residency visa application (subclass 893). VIC and NSW are the only two I recall that require some additional effort in a business ownership capacity. Link to comment Share on other sites More sharing options...
Nick UK Posted April 3, 2011 Author Share Posted April 3, 2011 Hi Alan thanks for your reply. Yes I'm much less suspicious of Accountants! So if I don't want the hassle of starting or being involved in a new business I'll just have to avoid VIC and NSW to begin with anyway. Thanks! Link to comment Share on other sites More sharing options...
rammygirl Posted April 3, 2011 Share Posted April 3, 2011 Hi Nick The 165 didn't work out because of teenagers and one or two other business/personal issues not related to the 165 perhaps in hindsight we could have made it work but I don't regret coming back to UK. Just need to get back whilst we still can. We have decided to go via the 163 this time as the designated investment would now take too many £££s as the exchange rate was 2.4-2.6 last time. We might however take up RSMS visa that may be offered. Still a bit in the air (teenagers still compromising things somewhat). Still we did invest in a house at that rate (with FIRB approval after leaving Oz) so some money tied up in that but at least it softens the blow having somewhere to live (once the tenants leave!!) as proceeds from out house in UK converted to dollars is now a LOT less than it would have been. By the way Alan Collett has experience with this type of visa and can offer tax advice that may well save you £££s. We will most likely be consulting him when we finally make up our minds on the move!!! Mel Link to comment Share on other sites More sharing options...
Nick UK Posted April 3, 2011 Author Share Posted April 3, 2011 Hi Mel thanks for your reply. So did they let you simply invest in the Designated Investment for 4 years with a view to qualifying for PR (sub class 893) on that basis? Or did SA tell you that you had to actually start a new business? Ideally, that would be the way I'd like to do it. I appreciate I wouldn't be able to go to NSW or VIC using that method as I know they do insist on starting a business but SA isn't so clear, they seem to indicate that simply investing for 4 years might be enough to get the PR 893? Link to comment Share on other sites More sharing options...
Alan Collett Posted April 3, 2011 Share Posted April 3, 2011 Hi Nick. I didn't say that VIC requires you to start a business. Maybe telephone the Business Skills team in Melbourne to discuss: +61 3 9938 0562. Best regards. Link to comment Share on other sites More sharing options...
Guest Jamie Smith Posted April 3, 2011 Share Posted April 3, 2011 VIC requires that you have a business in operation, or a business plan and explanation what you were doing/why no business yet, or an additional investment. Link to comment Share on other sites More sharing options...
Alan Collett Posted April 3, 2011 Share Posted April 3, 2011 Agreed - there is no requirement as to a business ownership in VIC. But you must do something more than lodge the DI - further investment in the State is likely to be agreeable: the OP should discuss with the VIC Government if he decides that VIC is where he wants to live. To the OP: I also have details of the VIC Government's London based representative. Send me a PM or email (click on my name to the left of this post) if you'd like details. Best regards. Link to comment Share on other sites More sharing options...
rammygirl Posted April 4, 2011 Share Posted April 4, 2011 Hi Mel thanks for your reply. So did they let you simply invest in the Designated Investment for 4 years with a view to qualifying for PR (sub class 893) on that basis? Or did SA tell you that you had to actually start a new business? Ideally, that would be the way I'd like to do it. I appreciate I wouldn't be able to go to NSW or VIC using that method as I know they do insist on starting a business but SA isn't so clear, they seem to indicate that simply investing for 4 years might be enough to get the PR 893? I think just the investment would have been OK in SA but as we had submitted a business plan and did intend to start a business and have other investments it didn't really come up. Link to comment Share on other sites More sharing options...
Nick UK Posted April 4, 2011 Author Share Posted April 4, 2011 Thank for all your replies. Just to clarify, VIC does insist on establishing an eligible business which does not include 'passive investments' such as bonds or listed shares. See extract from VIC gov website: To attract state sponsorship support the applicant must make a ‘designated’ investment with the Treasury Corporation of Victoria, and agree to establish an ‘eligible’ business in Victoria within 36 months of arrival in order to qualify for future sponsorship support for residency status. An ‘eligible’ business activity includes most commercial endeavors (excluding passive investment) recognised by the Australian Tax Office as a business. NSW also prohibits 'passive investments' such as bonds. However, SA seem to be ok with that so that is probably the route for me as and when I'm ready. Thanks again for all your help. Good luck Mel! Link to comment Share on other sites More sharing options...
Alan Collett Posted April 4, 2011 Share Posted April 4, 2011 Yep, good luck Nick! I still recommend a discussion with the VIC Government if you like the look of VIC as a place to live over elsewhere in Australia. Best regards. Link to comment Share on other sites More sharing options...
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