Australia will offer a new visa to foreigners with more than A$15 million ($13 million) to invest and who want to make the country home.
Under the premium visa plan, people who invest in certain assets will gain permanent residency after 12 months, Prime Minister Tony Abbott and two of his ministers said today in a joint statement.
Existing visas that require an investment of at least A$5 million allow holders to stay permanently after four years. Australia is streamlining and expanding the visa program in an effort to woo more wealthy foreigners keen to live Down Under.
Canada stopped issuing such visas in February, saying the holders paid less tax, often lacked skills and were unlikely to stay over the medium-to-long-term.
“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,” Abbott said in the statement.
Processing of applicants for investor visas will be sped up and the government will promote the program globally, according to the statement.
The existing significant investor visa program attracted A$4.5 billion of investment as of the end of June, according to government data. About 39 percent of that money went into managed funds as of March.
bloomberg.com
Under the premium visa plan, people who invest in certain assets will gain permanent residency after 12 months, Prime Minister Tony Abbott and two of his ministers said today in a joint statement.
Existing visas that require an investment of at least A$5 million allow holders to stay permanently after four years. Australia is streamlining and expanding the visa program in an effort to woo more wealthy foreigners keen to live Down Under.
Canada stopped issuing such visas in February, saying the holders paid less tax, often lacked skills and were unlikely to stay over the medium-to-long-term.
“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,” Abbott said in the statement.
Processing of applicants for investor visas will be sped up and the government will promote the program globally, according to the statement.
The existing significant investor visa program attracted A$4.5 billion of investment as of the end of June, according to government data. About 39 percent of that money went into managed funds as of March.
bloomberg.com
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