Australia To Offer Premium Investor Visa For Super Rich Chinese Investors From July Next Year
Australia has announced a new category of visa named "premium investor visa" with effect from July1, 2015, offering immigrants permanent residency if they invest A$15 million or more in the country. The new reform will be a logical extension to Australia's flagship "Significant Investor Programme," already in force. Under SIP, those investing A$5 million and above will be entitled for a four-year visa.
The PIV criteria for eligible investments are being change so that they align with "the Government's national investment priorities".These criteria will be determined by the Federal Government's Austrade agency in consultation with the key economic and industry portfolios.
Austrade will also become a nominating body for the SIV.
Prime Minister Tony Abbott and the ministers of Immigration and Trade on 14th Oct 2014 announced this in a joint statement. They said the government will reform the visa programmes to attract high net-worth individuals to Australia, reported Gulf News.
Impact Of Visa Reforms
The PM said the changes in visa regime are aimed at bettering the flow of foreign direct investment without lowering the safeguards on existing migration programmes. Under the new reforms, the government will undertake periodic assessments of the areas where the investments are made so that they are in sync with the government's "national investment priorities."
Australia has already issued 436 Significant Investor visas from November 2012 till the end of September 2014, according to the data from the Immigration department.
The BBC in its report said the undercurrent of Australian government's new immigration rules are aimed at luring wealthy immigrants from China.
Ever since Australia started the fast-track permanent residency in 2012, nearly 90 percent of the successful applicants have been from China. Also Australia wants to diversify as the mining boom is winding down.
The push for permanent residency visa also coincides with China's crackdown on corruption, where it has been targeting corrupt officials who are allegedly trying to transfer funds abroad.
High end home in Demand
It is likely the investors will quickly buy an Australian home, with fund manager Roger Montgomery suggesting property prices, at least at the high-end, could well be supported for some time yet.
"Wealthy foreigners often purchase property in Australia as an investment – a trend which has surely exacerbated house price inflation, particularly in Sydney and Melbourne," he blogged.
Source Credit - International Business Times and Propert Observer