BN9.5 Investment transfers during the investment period

1. Principal applicants may transfer funds in acceptable investments within the same assets class, provided:
   1. the investment of the funds continues, during the 48-month investment period to meet the acceptable investment requirements for that asset class; and
   2. the funds when reinvested continue to meet the conditions imposed under the Immigration Act 2009 as specified in BN9.1; and
   3. the transfer is completed within:
      • 30 days for listed equities, or
      • 90 days for managed funds; or
      • 180 days for direct investments.
2. Principal applicants may transfer funds to a higher weighted asset class provided:
   1. the investment of the funds continues, during the 48-month investment period, to meet the acceptable investment requirements of the asset class; and
   2. the funds when reinvested continue to meet the conditions imposed under the Immigration Act 2009 as specified in BN9.1; and
   3. the transfer must be completed within
      • 90 days for managed funds; or
      • 180 days for direct investments.
3. Despite (a) and (b), the principal applicant must invest the funds into listed equities (BN7.10.1) to continue to meet the conditions imposed under the Immigration Act 2009 as specified in BN9.1 and retain the original weighted equivalent value of the investment, if:
   1. the funds have been invested in direct investments or managed funds; and
   2. there has been forced liquidation of the investment; and
   3. there is less than 6 months in the 48-month investment period to retain the investment in direct investments or managed funds.

      Note: The timeframes referred to in (a), (b) and (c) above and (f) below start from the first working day after the funds are in possession and control of the principal applicant or their representative.

4. Forced liquidations include, but are not limited to, cessation of operations due to the insolvency, bankruptcy of investee entities, changes to shareholder structures such as going private or public (which results in changes to investment categories) or forced secondary-sales due to drag-along obligations.
5. The sum of the reinvested funds must be:
   1. equal to the initial amount invested, excluding any capital gains; or
   2. the amount realised where a loss has been suffered; or
   3. the amount required to meet the conditions imposed under the Immigration Act 2009 as specified in BN9.1, when transferring to a higher weighted asset class as set out in (b) above.

      Note: Where the acceptable investment is made up of multiple different investments, some of which have suffered losses and others which have experienced capital gains, there is no requirement to set these gains and losses off against each other to determine the aggregate amount required to be reinvested. Instead, the amount to be reinvested should be calculated by reference to each individual investment.

6. Principal applicants may transfer funds held in holding investment to another holding investment providing:
   1. the investment of funds continues to meet the requirements as set out in BN7.5, and
   2. the funds when reinvested continue to meet the conditions imposed under the Immigration Act 2009 as specified in BN9.1, and
   3. the transfer is completed within 30 days.

Effective 09/12/2022