Looks Like Sydneysiders Will Be Seeing More Empty Mansions On The Upper North Shore

Australia’s Business Insider Reports

 

Australia took steps to boost a visa scheme aimed at luring investment from wealthy Chinese, including speeding up approvals and expanding investment avenues, after complaints that disclosure requirements were too strict.

The two-year old Significant Investor Visa scheme offers residency to overseas individuals who invest more than A$5 million ($4.6 million) in Australia under a program the government hopes will eventually raise A$6 billion a year.

More than 90 percent of applicants since the scheme was introduced in 2012 have come from China.

It announced another visa scheme offering residency to those who invest A$15 million for one year.

Lawyers and agents have demanded the government clarify rules on source of the funding — a moot point for investors and one that has hurt the progress of visa approvals.

By the end of September, just 436 visas had been approved compared with 1,746 “expressions of interest”, according to data from the Immigration Department.

The changes to the SIV will take effect during 2014/15 while the Premium Investor Visa will be introduced from July 1.

Australia Has Instituted Special Super-Easy Immigration Laws For Chinese Millionaires businessinsider.com