(ECNS) -- Australia will temporarily suspend all new applications to its Significant Investor Visa (SIV) migration service on April 24. The program requires an investment of AU$5 million (about 3.87 million U.S. dollars) and its suspension may be a heavy blow to Chinese hopefuls.
The Department of Immigration and Border Protection of Australia has been reviewing its SIV program since 2014 and implemented changes to improve the visa scheme.
The current SIV policy was popular among Chinese applicants, with low financial risks and a high success rate. Over 89 per cent of SIV's approved applications came from China.
The program will re-open on July 1 with the introduction of several new policies. It will henceforth prohibit direct investment into real estate as a pathway to citizenship.
The new guidelines also make more detailed requirements in terms of investment. These include a mandatory investment of a minimum AU$1 million into an Australian venture capital limited partner fund, or a minimum AU$1.5 million, at the time of investment, into small/micro capital companies.
