Australian “Significant Investor Visa”, otherwise known as visa category 888, was launched on 24th November 2012, inviting wealthy foreign investors to apply for a four year residency visa in Australia (which can then be converted into citizenship) for individuals who invest over AUD 5 million for a minimum of 4 years into three main categories: (1) Australian Government Debt (2) privately owned Australian companies, and (3) complying managed funds investing in Australian assets and overseen by the local regulator, ASIC. In addition, in order to be granted a permanent visa from a provisional Significant Investor Visa, each applicant must spend at least 40 days each year (or cumulatively) over four years. There is expected to be strong demand for these visas, particularly from Asia, with at least 700 visas expected to be issued under the scheme each year – a combined annual investment of $3.5bn into Australia’s economy.

The 888 scheme will provide a huge opportunity for both the funds management and banking sectors. Applicants who are successfully granted a visa and choose to live in Australia will open bank accounts and transfer some or all of their wealth to Australia. The scheme will also see investments flow into our services sector and, in particular, the managed funds industry, with new migrants requiring investment, taxation and wealth management advice, an enormous opportunity for financial advisers who can tap into the Asian migration pool. To capitalise on these opportunities, financial advisers and bank executives must invest in developing their profile, creating new connections and tailoring their services to a bilingual, multi-cultural and relatively sophisticated group of high net worth Asian investors.