Around 1,340 high net worth individuals, most of whom are from China, have reportedly bought fast-track residential visas by investing a minimum of $5 million per person in a bid to make Australia their home.
The Herald Sun, quoting numbers of Department of Immigration said that 779 (about 60 percent) of these rich foreign nationals have chosen to reside in the state of Victoria after investing the minimum sum.
These new arrivals, who need to be either nominated or endorsed by state governments or Austrade, are invited on the hope they would add employment or stimulate economic development. Both these are said be the major factors for the introduction of the Significant Investor Visa (SIV) program.
There are about 1,008 SIV aspirants who applied for the programme in 2014-15 in order to obtain a permanent residency in Victoria. This process takes four years for these affluent investors who, after their arrival in Australia, invest $5 million.
Around 88 percent of all applicants, since the SIV program was launched in November 2012, have come from China. Of the remainder, three percent are from Hong Kong. Malaysia, South Africa and Japan are the other countries which have seen a significant number of millionaires evincing interest in this programme.
The Department of Immigration and Border Protection policy states that the main reason for the introduction of these visas is to provide a fillip to the economy of Australia and to vie ably for rich individuals wanting to migrate through investment.
If you are also seeking to migrate to Australia by making a significant investment, contact experts at Y-Axis who will ably assist and guide you through the whole process.