SIV approvals in Victoria six times higher than NSW

Approvals for the re-booted significant investor visas have sped up significantly from about 25 a month to 69 a month recently.

In ­Victoria, 684 have been granted, representing a potential investment of up to $3.42 billion. 

More than 100 have been granted in New South Wales in the last year, bringing the state at least $530 million, according to the recent data published in the Australian Financial Review. 

The significant investor program, launched in 2012, gives residence to applicants investing at least $5 million over four years in certain assets, including bonds, a regulated ­managed fund or Australian companies.

In NSW, $300 million has been invested in Waratah bonds, ­providing funding for crucial infrastructure projects.

The Australian government announced it is looking to speed up the four- to six-month process to further applications.

The invested funds need to remain in Australia for four years.

The applicant is required to spend 160 days in Australia over four years before gaining permanent residency.

Direct investments in property and exchange-listed companies are not be included in the $5 million but can be expected in addition to this threshold.