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.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
24 Jul 2017Aussie robo-adviser expands to EuropeBy Staff Reporter
24 Jul 2017Advice market ‘ripe for disruption’ from overseasBy Staff Reporter
24 Jul 2017IFAs drive managed accounts growthBy Larissa Waterson
21 Jul 2017ClearView adviser re-appointed to TPBBy Staff Reporter
21 Jul 2017ASIC may get phone-tapping powersBy Tim Stewart
20 Jul 2017Former FSC, Turnbull government staffer joins BTBy Staff Reporter
- view all