Australia Plans Special Visa for Millionaires
Australia plans to roll out the red carpet for wealthy businesspeople by establishing a visa category offering a pathway to residency if they invest at least Aus$5 million (US$4.9 million).
Immigration Minister Chris Bowen said it was important to attract people prepared to make a significant investment in creating jobs and economic growth, and he expected keen interest from booming China.
"Australia is well placed to attract investors who are looking for the financial security offered by a stable government and economy," he said.
"Of course this new permanent visa will be available to people from other countries on a non-discriminatory basis, but I expect considerable interest from across Asia, and China in particular."
The visas would be issued to people who invest the money in either state and territory bonds, Australian Security Investment Commission regulated managed funds or directly into Australian companies.
"Their investments will offer a disproportionate boost to the Australian economy and the financial services sector, particularly through infrastructure and managed funds," said Bowen.
"Diversifying the Business Skills visa program to attract high-end investors allows Australia to remain internationally competitive in securing economically valuable migrants."
The new visa category will take effect from July.
Source: Agence France Presse
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