The number of millionaires streaming into Australia has surged to 7260 in the past year, new figures show, delivering a multibillion-dollar investment boost as Australia becomes the destination of choice for thousands of the world’s wealthiest individuals.
Visa applications in the Business Innovation and Investment Programme, which includes investors with more than $1 million in business assets, jumped by 74 per cent in 2016-17 up from 5781 to 9051. Of those 7260 were approved, compared to 6484 in 2014-15.
In the same category, a fast-track visa allows the government to plough foreign cash into local projects in exchange for residency rights in as little as 40 days without the person passing an immigration test of their education, English proficiency and employment qualifications.
The “significant investor stream” asks investors to stump up $5 million for Australian bonds, shares and venture capital projects. By March 2018 up to 2000 had been approved, delivering a $10 billion windfall to the Australian economy, despite a slow-down after property was excluded from the category in 2015.
Education opportunities, a favourable climate, the safety of women and political security were among the top reasons cited by investors in the New World Wealth survey of high-net worth clients.
Among other reasons, the relative strength of the local healthcare system compared to the US and the absence of inheritance taxes, Australia’s proximity to Asia and its time zone were also cited by wealthy Asian migrants as key factors behind their decision.
High net-worth investors coming to Australia in 2016-2017 are made up by top countries such as: China, Malaysia, South Africa, Singapore and Vietnam. A rapidly emerging market that has seen a 200 per cent growth in the number of high-wealth individuals over the past year on the back of a manufacturing and financial services surge.
Get your free eligibility assessed by an Australian Registered Migration Agent with over 27 years of experience and start planning for your migration to Australia under the Business Visa:
Robert Chelliah (Migration Agent Registration No: 92-54011)
Mobile contact:
Australia: +61.412.17.3502
Malaysia: +6012.348.2961
Cambodia: +855.1533.5259
Skype: robert.chelliah1
More information:
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*Source: https://www.smh.com.au/politics/federal/millionaire-migrants-pouring-into-australia-20180706-p4zpzm.html
