Additional points for investment

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.

New Changes to Skilled Migration processing

Changes have been made to ensure that Australia's skilled migration program is better targeted in 2009 - and there will be no cuts to skilled visa numbers.

The Minister for Immigration and Citizenship, Senator Chris Evans, has announced a number of measures that will ensure the Skilled Migration Program from January 2009 will be better targeted and more responsive to the changing needs of the economy.

It will mean the introduction of faster processing for permanent skilled visa applicants where the migrant's job is on a new list, called the Critical Skills List - providing good news for most trades, including nurses, school teachers, accountants and many IT professionals, all on this list.

There will also be priority processing for those who are state sponsored or employer sponsored; and more flexibility for each state to offer 500 places to skilled migrants whose jobs do not appear on that state's list. It will offer good opportunities for entrepreneurial would-be migrants to do their research and pitch their case to the state of their choice. It will also mean that skilled migrants will be sponsored to go into jobs that cannot be filled locally.



Employer-nominated visas
will continue to be managed on a demand driven basis, and successful applicants will be able to go straight into a skilled job and make an immediate positive economic contribution to Australia.

The skill profile of the intake under the points tested migration classes will be changed in favour of those with occupational skills identified as being a priority by State and Territory Governments and at the same time will lead to some reduction in the overall intake. It will provide state and territory governments with greater scope to meet critical skill shortages in their jurisdiction

The Government will maintain the current planning target of 133,500 skilled places as a ceiling on the 2008-09 program - quelling gossip of wide-spread cuts to skilled visa numbers. Depending on the skill needs of employers the final number of grants may result in a program outcome below that limit.
Written by: Liane Voisey

For further information about these changes contact www.bridgemigration.com and see how we can help you.