Number's up: 66 Captain Pipers Road, Vaucluse sold to a Chinese buyer.
Sydney's first real estate sale to one of the holders of a "significant investor visa" exchanged on Monday night on an $8.5 million Vaucluse house.
The contemporary five-bedroom house on Captain Pipers Road was bought by Minqin Wang, whose husband runs a mining transportation company in the Shanxi province, south-west of Beijing.
The Wangs are one of only 10 approved holders of the significant investor visa, which is more commonly known as a "golden ticket".
66 Captain Pipers Road Vaucluse Click for more photos

'Golden ticket' holder snaps up $8.5m Vaucluse designer home

66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
  • 66 Captain Pipers Road Vaucluse
This "ticket" gives residence to cashed-up applicants with $5 million or more to invest here, extending that to permanent residency if the investment is maintained for four years. The property does not qualify as the investment, but temporary residents will often want to buy their own home to live here.
The couple's purchase of the architect-designed property was prompted by their grandchildren who are studying in Sydney.
The house, designed by architect Kieran McInerney, was sold by builder Drew Spring, who had extensively rebuilt the former art deco block of apartments, for which he paid $3.25 million in 2007.
The street address was 64 Captain Pipers Road when first listed with a price guide of more than $8 million last October with Marion Badenoch, of Richardson & Wrench Double Bay, and passed in at auction at $8.2 million.
The address was changed to No. 66 in March (a luckier number for Chinese buyers), and the buyer was introduced by Asian luxury property specialist Monika Tu, of Black Diamondz.
To qualify for the visa, applicants must invest in Commonwealth, state or territory government bonds, ASIC-regulated managed funds with a mandate for investing in Australia, or Australian proprietary companies.
The Immigration Department had received 305 applications for the visa as of August, with 138 of those in NSW. Only 10 such visas have been approved to date.
Australia's first significant investor visa was granted in May to a Chinese toy manufacturer, who invested $5 million in Victorian state government bonds.
It remains unknown what sort of investment qualified the Wangs for their visa.
As Chinese buyer interest in Australia intensifies, McGrath Estate Agents has launched a dedicated Asian specialist team to service buyers from China with translation and property information and services, and a Chinese language edition of its McGrath Magazine.
The concierge service is much like that offered by Ms Tu's Black Diamondz agency, whereby lifestyle factors are sourced for offshore buyers, such as utility connection, school applications and mail redirection.

Significant Investor visa

The New South Wales Government welcomes applicants for the 188 and 888 Significant Investor Visa program. Applications are welcome from 24 November 2012.
The Significant Investor visa is a new stream of the Business Innovation and Investment (Provisional subclass 188) and the Business Innovation and Investment (Permanent subclass 888) visa.
Visa applicants must:
  • Be nominated by a state or territory government
  • make an investment of at least $5 million into complying investments.
Applicants for this visa subclass do not need to meet the Department of Immigration and Citizenship (DIAC) points test. The visa does not have any upper age limits or English language requirements.
Further information about complying investments is available at the DIAC website .

Complying investments

Complying investments for the Significant Investor visa include:
  • Commonwealth, state or territory government bonds
  • Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; and
  • Direct investment into Australian proprietary companies. The enterprise must be operated for the purpose of making profit through the provision of goods, services or goods and services, with the exception being the provision of rental property, to the public. The company must not be operated primarily or substantially for the purpose of speculative or passive investment. Further information about complying investments is available at the DIAC website .
To be eligible for NSW nomination, applicants must invest at least 30% or $1.5 million of the $5 Million into NSW Waratah Bonds.
Information about NSW Waratah Bonds for Significant Investors is available here.

Processing times

Applicants can expect their applications for NSW Government nomination to be processed in 5 working days. The nomination is then processed by the Commonwealth Government.

Business Innovation and Investment (Provisional) Significant Investor Visa 188

To qualify for NSW nomination under the Business Innovation and Investment (Provisional) Significant Investor Visa 188, applicants must:
  • Demonstrate that they have at least A$ 5 million in assets that are unencumbered and lawfully acquired and readily available for transfer to Australia
  • Sign a declaration that they will invest at least A$5 million in complying investments including a minimum of A$ 1.5 million in NSW Waratah Bonds. To gain nomination, the NSW Government requires evidence that the applicant will invest in NSW Waratah Bonds; and
  • Commit to spending at least a total of 160 days in Australia for the duration of the Provisional Visa. The applicant will need to nominate that they intend to live in NSW.

Residency requirements

To fulfil the residence requirements of the Provisional Business Innovation & Investment Visa (188) and subsequently to be eligible to apply for a permanent Significant Investor visa, applicants must reside a minimum of 160 days in Australia over 4 years. This requirement can be met in any year.
As applicants will need to be nominated by the NSW Government to apply for a Significant Investor Visa, there is an expectation of NSW Trade & Investment and the NSW Government that the applicant has a genuine intention to reside here.
If an applicant chooses to extend their provisional visa, additional time spent in Australia is required. Applicants can only extend their provisional visa twice, by two years each time. Therefore, if an applicant nominated by the NSW Government chooses to extend their provisional visa once, they will be required to reside in NSW for 240 days over 6 years; if they choose to extend their visa twice, they will need to reside 320 days in NSW over 8 years.

Business Innovation and Investment (Permanent) Significant Investor Visa 888

To qualify for NSW nomination under the Business Innovation and Investment (Permanent) Significant Investor Visa 888, applicants must:
  • Demonstrate that they have invested at least A$5 million in Australia including at least A$1.5 million in NSW Waratah Bonds in the last four years.
  • have spent at least 160 days in Australia (not limited to NSW) while holding a subclass 188 (Provisional) visa in the last four years immediately before your application for NSW nomination
  • Demonstrate that neither they or their spouse have had any involvement in business or investment activities that are of a nature that is not generally acceptable in Australia.