For the significant investor visa there is a requirement that all funds used to make the investment must be lawfully acquired and not encumbered. You should expect to provide documentary evidence, including bank statements, showing the dates, the amount, the names of the original fund depositor, the beneficiary and the financial institutions involved in the funds transfer. Do note you must also provide evidence of having using the nominated assets evidenced in the visa application to make your investment. This may include evidence of sale of assets, transfer of funds or other documentation. This evidence needs to clearly show the steps from liquidation of each asset to investment of the funds in a complying significant investment. There are transfer mechanisms that have been used and previously accepted for transfers. These options are different by country. Which bank to use is largely a personal preference. You can open a bank account for making deposits while overseas but will need to visit the bank in person with identification before you can perform other transactions. AFR has previously published a guide for banking with $1 million or more.
How do I transfer my money into Australia to make qualifying investments for Australia’s significant investor visa?
I have a few different bank accounts in Europe as well as my home country. I am in the process of liquidating assets for my investment and am curious about the procedure for getting money into Australia. I need to decide which bank account to use.
During the visa application, you are required to disclose your assets value worth $5 million Australian dollars, of which includes your various bank accounts. You would be required to identify which bank accounts that you have disclosed earlier for the fund transfer to Australia prior to your transfer. The case officer will issue you a formal request letter for the transfer. You need to show to the case officer the TT transaction slip, the bank statements of which which your fund were being transferred from to complete the process.
Your designated fund manager would help you to arrange this. It is best to make the investment after being requested to by the Department of Home Affairs. The money does not need to be transferred until this time.
Usually each lawyer or agent will have his or her own partnering banks. Each country and its outbound banking laws will differ. It is wise that you work with international banks and communicate with your private banker on methods of transfer. If you are trying to DIY, it is advisable that you work with renowned banks with international reach and consolidate the transfer. If you are processing your visa application alone for such great amounts of investment, you may consider engaging professionals so that their services provide you with insurance and/or assurance.