The federal government's new Significant Investor visa will benefit superannuation fund members by diversifying investment opportunities, industry bodies said.
The new visa will target migrants who are able to invest a minimum of $5 million in the Australian economy.
The Self-Managed Superannuation Fund Professionals' Association of Australia (SPAA) and the Association of Superannuation Funds of Australia (ASFA) are both supportive of the government's move to encourage business investors to migrate to Australia.
SPAA chief executive Andrea Slattery said the move will open up opportunity for 'fresh investment' because of the flexibility that self-managed super funds (SMSFs) offer.
"In addition, there will be flow-on benefits as these migrants require professional advice and this will generate fee income for accountants, auditors, actuaries, lawyers and financial planners," she said.
ASFA also agreed creating a growing innovation market is in the interest of superannuation fund members.
"Fund members will benefit from the diversification of investment opportunities and through enhanced long-term risk-adjusted investment returns," it said.
On Friday, the Minister for immigration and citizenship, Chris Bowen, and the Minister for Financial Services and Superannuation, Bill Shorten, announced new federal government reforms to attract successful investors and entrepreneurs to Australia - the Significant Investors visa and Business Innovation visa.
The Significant Investor visa will be introduced in the 2012/13 program year, while the new Business Innovation and Investment visas will be integrated with the skilled migrant selection model, SkillSelect, from 1 July 2012.
"This new visa will make it easier for investors coming to Australia by offering some concessions on visa requirements - such as not having to meet a points test and reduced residence requirements - in recognition of their meaningful investment contribution," Bowen said.
Investor options under consideration include state and territory bonds, ASIC regulated managed funds and direct investment into Australian companies.
