NSW deputy premier and minister for trade and investment Andrew Stoner announced yesterday that a number of changes will be made to the application process for NSW nomination for the SIV program.
Under the initial terms of the SIV scheme in NSW, applicants were required to make a minimum $1.5 million investment in three- or 10-year NSW government-backed fixed rate or annuity products, known as ‘Waratah Bonds’, but the government has now scrapped the requirement.
“To make it easier for investors, and to give them more choice, the NSW government is removing the requirement to invest a minimum amount in Waratah Bonds,” Mr Stoner announced.
“From 1 September, overseas investors considering NSW nominations will be able to choose how to invest every dollar of their complying investment.
“This change will further consolidate NSW’s globally competitive position as a preferred investment destination for investor migrants.”
At the same time, the deputy premier argued that Waratah Bonds remain a “safe, fee-free and low-risk option” for SIV investors and that there “has never been a better time to invest in NSW”.
