Australia invites high net-worth individuals willing to invest over A$15million and make Australia their home with a new visa category. The Premium Visa Plan, introduced by Prime Minister Tony Abbott and two other ministers, will provide permanent residency status in just 12 months.
The Existing investor program visa requires an investment of A$5million and permanent residency is given after 4 years of stay in the country. Australia wants more and more wealthy migrants to come to its turf, invest money, create employment, and contribute to their economy.
On the contrary, Canada has stopped issuing such visas few months ago. The reason it cited for the closure is that most wealthy migrants lacked the skills Canada required and their stay too is but for a short to medium term.
Introducing the new visa plan, Prime Minister Abbott added, “The government will reform the program to encourage more high net worth individuals to make Australia home and to leverage and better direct additional foreign investment.” Australia government is keen to improve the process for this visa and promote this program globally.
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