Migration (Purposes of Managed Fund Investments) Instrument (LIN 23/056) 2023 dated 13 September 2023 specifies the purpose of an investment in a managed fund, to enable Subclass 188 visa holders in the Significant Investor stream who applied between 23 November 2013 and 30 June 2015, to meet the criteria of Significant Investor Extension stream of the Subclass 188 visa or the Significant Investor stream of the Subclass 888 visa which requires the applicant to hold a complying investment in a managed fund (directly or through an investor directed portfolio service) for a specified purpose. It also repeals Migration Regulations 1994 – Specification of Eligible Managed Fund Investments – IMMI 13/092.
For paragraph 5.19B(2)(c) of the Regulations, the following are regarded as the specified purpose of an investment in a managed fund:
- an infrastructure project in Australia
- cash held by an Australian deposit taking institution (including negotiable certificates of deposit, bank bills and other cash-like instruments);
- a bond issued by the Commonwealth government or a State or Territory government;
- a bond, equity, hybrid or other corporate debt in a company or trust listed or expected to be listed within 12 months on the Australian Stock Exchange;
- a bond or term deposit issued by an Australian financial institution;
- a real property in Australia;
- an investment in the Australian agribusiness;
- an annuity issued by an Australian registered life company in accordance with section 9 or 12A of the Life Insurance Act 1995;
- a derivative used for portfolio management and non-speculative purposes which constitutes no more than 20 per cent of the total value of the managed fund;
- a loan secured by a mortgage over an investment mentioned in paragraph (a), (b), (c), (d), (e), (f), (g) or (h) of this section;
- a managed fund that invests in an investment mentioned in paragraph (a), (b), (c), (d), (e), (f), (g), (h), (i) or (j) of this section.
The instrument is registered on the Federal Register of Legislation on 19 September 2023 and commenced on 20 September 2023. It is currently in force.
To access the instrument, click here.
