Is there finally a solution to the $100,000 security bond issue?
When the Australian skilled migration scheme was re-vamped on September 1, 2007, the skilled Australia visa application process went through a number of changes. One of these was the removal of the capital investment scheme.
Prior to September 1, it was possible to gain an additional 5 points when applying for an Australian skilled visa, provided you were willing and able to deposit AU$100,000 in a nominated Australian bond for at least 12 months. While few could afford to deposit the AU$100,000 to take advantage of the capital investment scheme, it was still a route to migration for a number of applicants who relied on the additional 5 points to qualify for an Australian visa.
However, following news reports that hundreds of visa applications had allegedly been part of a 'scam' regarding unauthorised loans being made to applicants using the capital investment scheme, DIAC advised that from November 30, 2007, no State or Territory Government would be actively participating in arrangements that allow the allocation of 5 bonus points to skilled visa applicants through the capital investment scheme.
However , recent pointers show that a reintroduction of the General Skilled Migration Bond may be in the pipeline.
This will enable visa applicants to gain the 5 bonus points for the $100,000 investment in a designated security. This should benefit many clients who have been waiting for over a year for a resolution. The finance authority concerned is finalising arrangements for the re-introduction of the bond - in particular, systems for coping with what will probably be a large number of enquiries and applications. It is anticipated that the bond will become available in the very near future (perhaps before the end of this month).
Bridge Migration will keep you updated, and advise you as an announcement is made.
When the Australian skilled migration scheme was re-vamped on September 1, 2007, the skilled Australia visa application process went through a number of changes. One of these was the removal of the capital investment scheme.
Prior to September 1, it was possible to gain an additional 5 points when applying for an Australian skilled visa, provided you were willing and able to deposit AU$100,000 in a nominated Australian bond for at least 12 months. While few could afford to deposit the AU$100,000 to take advantage of the capital investment scheme, it was still a route to migration for a number of applicants who relied on the additional 5 points to qualify for an Australian visa.
However, following news reports that hundreds of visa applications had allegedly been part of a 'scam' regarding unauthorised loans being made to applicants using the capital investment scheme, DIAC advised that from November 30, 2007, no State or Territory Government would be actively participating in arrangements that allow the allocation of 5 bonus points to skilled visa applicants through the capital investment scheme.
However , recent pointers show that a reintroduction of the General Skilled Migration Bond may be in the pipeline.
This will enable visa applicants to gain the 5 bonus points for the $100,000 investment in a designated security. This should benefit many clients who have been waiting for over a year for a resolution. The finance authority concerned is finalising arrangements for the re-introduction of the bond - in particular, systems for coping with what will probably be a large number of enquiries and applications. It is anticipated that the bond will become available in the very near future (perhaps before the end of this month).
Bridge Migration will keep you updated, and advise you as an announcement is made.
This post first appeared on Australian Visa And Migration News, please read the originial post: here
