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The South Australian Government has finally reinstated the capital investment pathway to Australian skilled migration for those who lodged their visa application before September 1, 2007.
After 13 months of patient waiting, those skilled migrants wishing move to Australia using capital investment scheme can now finally proceed with their Australian visa application.
On the 1st September 2007, as part of changes to the Australian General Skilled Migration programme, the Australian government removed the right to gain five extra bonus points towards an Australian skilled migration application if the applicant invested a minimum $100,000 for at least one year in a nominated Australian bond.
The removal of the capital investment scheme meant that applications for skilled migration lodged after September 1, 2007 could no longer use the capital investment scheme to gain bonus points towards their application.
After reports of a scam involving unauthorised loans, the Department of Immigration and Citizenship (DIAC) then ruled that the capital investment scheme would no longer be open to any applications, even if they submitted their visa applications before September 1. This affected thousands of migrant hopefuls, who until now have been left without a pathway to Australian migration.
The South Australian Government Financing Authority (SAFA) is now officially reinstating the capital investment scheme for the General Skilled Migration program (bonus points for capital investment). However, this applies only to those applicants who applied under this category before 1st September 2007, and were instructed by the Department of Immigration and Citizenship (DIAC) to invest a minimum $100,000 for at least one year in a nominated Australian bond.
As it has been over a year since applications for migration under this category have been allowed, eligible applicants are encouraged to consult their migration agents before proceeding with their application to ensure they are eligible. Applicants are also warned that the processing times of applications may be considerably delayed due to the expected influx of applications under this re-opened pathway to Australian skilled migration.
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