Australia is one of the wealthiest countries in the world where you can have a successful business. In this post, we will take a look at the Australian Golden Visa, a way with which you can get Australian citizenship by investment.
The Australian Significant Investor Visa, also known as the Australia Golden Visa was introduced by the Canadian government in 2012. This visa provides a way for investors and rich Individuals to obtain permanent residency in the country.
There is no direct way to become a citizen by investment once and for all. You need to first become a resident, then a permanent resident after which you can apply for citizenship.
Benefits of Australian Citizenship
1. Visa-free Travel Around the World
All Australian nationals can travel to and visit about 181 different countries without having to apply for and obtain a visa.
These include Canada, the United States of America, the member countries of the European Union as well as the Schengen countries.
2. Tax
Australia has a very good tax system that favours the citizens. There is no taxation on net assets and capital.
3. Standard of Living
Just like you should have heard, Australia has a very high standard of living. Their economy is one of the most advanced in the world. This is why the country is financially stable. The security is very reliable as well.
4. Amenities
Being a citizen of Australia automatically grants you access to one of the best healthcare services in the world.
A lot of people from outside countries even come to Australia to find solutions to their health issues. The education is also good in the country. Australia is one of the most popular destinations for international students. This doesn’t come as a surprise, since it houses many of the best institutions in the world.
5. Citizenship and Family
The Australian Golden Visa is such that extends its benefits to the immediate family members of the investor.
The legal partner, children and dependent family members can apply for Australian citizenship alongside the investor.
Requirements for the Australian Citizenship by Investment in 2024
1. The investor must have a clean criminal record
2. Investors should not be older than 55 years
3. Candidates must pass a successful due diligence check
4. The applying investor must have proof of English language proficiency
5. A good health condition is necessary for consideration
6. Availability of sufficient funds
7. The investor must have a legal source of income
8. The investor or businessman must have a business experience
How to Apply for Australian Citizenship by Investment in 2024
Select an Investment Option
There are many golden visa investment programs you can choose from. Some of them have been listed below.
1. Business Innovation stream
2. Investor stream
3. Significant Investor stream
4. Premium Investor stream
5. Entrepreneur stream
Seek Government Approval
After choosing a golden visa investment stream, you must request and receive permission from the government of the state or territory you want to reside in. Everyone must obtain permission before they can invest in the economy.
Just have we have mentioned in the requirements section, each investor must pass a government diligence check. Aside from that, they must also pass a Skill-Select test from the Department of Immigration and Border Protection.
In the test, a minimum score of 65 points is required.
Get a Temporary Visa
Pending the time that you will receive your permanent residency, you must have permission to enter and temporarily stay in the territory of the state. You will need a temporary Australian residence visa to validate your stay in the country.
Become a Permanent Resident
After obtaining your Australian temporary visa, you must make the investment as soon as possible. The stream you chose is the one you should make an Investment for.
The temporary residence visa is valid only for 4 years. You should obtain your permanent residency permit before it runs out.
Apply for Citizenship
After the necessary Investment and acquisition of permanent residency, you can apply for Australian citizenship. However, some terms and conditions must be met.
You must have lived in the country for 4 years, including the last 12 months with a valid permanent residence permit.
Your family members can also apply for Australian citizenship at the same time. Each of them must pass a citizenship interview, language proficiency and state history test.
After that, they will be required to take an oath of allegiance. From there, each of them will be given a Certificate of citizenship as well as a passport of an Australian citizen.
And lest I forget, welcome to Australia!
