Chinese man becomes 500th recipient of Australia's Significant Investor Visa

A Chinese investor became the 500th person to be granted a Significant Investment Visa (SIV) by the Australian government. [Special coverage]

The Chinese man said on Monday evening he was delighted to have been accepted as a recipient by the Victorian government.

"My wife and daughter will join me in Australia and I look forward to them integrating into the Australian culture," he said.

SIVs were introduced by the government as a means of boosting the Australian economy through accommodating high-net individuals seeking investment migration. Migrant investors are required to spend 4.3 million U.S. dollars to qualify for the visa.

Australia has invested in excess of 2 billion U.S. dollars in the SIV program and its success had delighted the assistant minister for Immigration and Border Protection, Michaelia Cash.

"The SIV program is now realizing its potential since the Coalition won government and we fully expect it to grow even further," Cash said late on Monday.

"Since the Coalition came into government, (2 billion U.S. dollars) has been invested into the Australian economy by recipients of this visa with complying investments ranging from state or territory government bonds, managed funds or direct investment into Australian companies."

The Australian government is likely to continue developing ways of structuring further migration paths, including a two-tiered system that is set to be adopted shortly.

This includes a Premium Investor Visa, which requires a minimum investment of 13.1 million U.S. dollars before acquiring permanent residency after 12 months, and a secondary SIV application, which ensures a 180-day residency per year from the investor.