Praemium SMA gets SIV green light

Praemium has issued a declaration in support of the government’s Significant Investor Visa (SIV) program, announcing that its SMA platform qualifies as a complying investment under the rules of the immigration scheme.

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by Reporter - May 24, 2013 0 comments

>Praemium commercial director Andrew Varlamos said the SIV scheme – which has opened an avenue for high net worth foreign investors to enter Australia on temporary visas for the purposes of domestic investment – is a good fit with the SMA product as the platform is regulated as a managed investment scheme.

More than 400 applications for an SIV have already been lodged with the Department of Immigration and Citizenship, with 90 per cent of these coming from mainland China, according to research by law firm Baker & McKenzie.

“These applicants are generally highly sophisticated investors,” Varlamos said. “They are based offshore but know the Australian stock market and value the ability to see those well-known Australian shares in their portfolios.”

Praemium is currently working with partners to assist clients in applying for the SIV.