Australian immigration introduces new investor visa

Australia is encouraging wealthy immigrants to move to the country with the announcement of a new visa called the Significant Investor visa. The new visa will grant visas to immigrants who can make an investment of at least AUD$5 million in the Australian economy.

"The significant investor visa will provide a boost to our economy and help Australia to compete effectively for high net worth individuals seeking investment immigration," Australian Immigration Minister Chris Bowen said.

In return for investing in the country, Australian immigration will relax certain visa requirements for investors. In order to be eligible, applicants must:

• submit an Expression of Interest in SkillSelect,
• be nominated by a state or territory government, and
• make an investment of at least AUD$5 million into state or territory government bonds, Australian Secrurities and Investment Commission regulated managed funds with a mandate for investing in Australia and/or direct investment into Australian companies.

"This creates a new source of investment capital and increases the pool of funds managed locally. This is good for jobs and growth in areas such as financial planning, fund administration, stock-broking, accounting and funds management," Minister for Financial Services and Superannuation, Bill Shorten MP said.

The visa is expected to be implemented within the next year. Further details will be available closer to the date of implementation.

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