The immigration program enables foreign investors to enter the country on temporary visas, on the condition that applicants invest a minimum of $5 million Australian dollars into complying investments, for a minimum of four years.
According to Westpac and BT Financial, their SIV service will offer a dedicated migrant banking team, a private banker service and flexible products and solutions.
SIV customers will also have access to the expertise of the global investment team within BT Financial Group’s private wealth division, which sources and evaluates investment opportunities.
Customers invest through a flexible investment account that has access to a broad range of complying investments, in addition to any minimum investment required in Australian government bonds.
By partnering with leading migration agencies in Asia, Westpac said it can provide customers with a professional and personalised service when they migrate to Australia.
BT Financial Group general manager of private wealth, Jane Watts said the BT Financial group was also well placed to meet the needs of these clients.
“Our private bankers provide a personalised service to a limited number of clients to ensure a tailored, high quality experience and we are receiving strong interest in this service,” Ms Watts said.
Westpac’s head of migrant banking, Jenny West, said Westpac has received strong interest and has already seen visas approved.
Ms West said while moving countries is an exciting experience, it can also be challenging.
“In addition to facilitating the visa application, we provide access to business partners to help migrants with other key lifestyle needs such as relocation, employment, schooling and medical services,” she said.
According to Ms West, Westpac has expanded its strength and prominence in Asia, with over 1,000 Chinese speaking bankers in its network and offices in Shanghai, Beijing and Hong Kong.
Regulation partner Bill Fuggle and senior associate Sam Appleton from commercial law firm Baker and McKenzie said that while SIV migrants may be an attractive target and client base, sourcing these clients can prove difficult without distribution channels, including Chinese relationships.
The offer will also be available through St George Private Clients and Bank of Melbourne Private.
