barryqwalsh
Gold Member
- Sep 30, 2014
- 3,397
- 250
- 140
The Australian government is introducing new immigration rules aimed at attracting wealthy immigrants.
Applicants who invest at least A$15m ($13m; £8.09m) will now be eligible for permanent residency after one year.
Since 2012 a fast-track to permanent residency has been open to those who commit at least A$5m ($4.6m; £2.8m) over four years - 90% of successful applicants have been Chinese.
Australia is looking for new sources of growth as its mining boom winds down.
"The government will reform the programme to encourage more high net-worth individuals to make Australia home," Prime Minister Tony Abbott said in a joint statement with the immigration and trade ministers.
BBC News - Australia expands visa programme aimed at rich Chinese
Applicants who invest at least A$15m ($13m; £8.09m) will now be eligible for permanent residency after one year.
Since 2012 a fast-track to permanent residency has been open to those who commit at least A$5m ($4.6m; £2.8m) over four years - 90% of successful applicants have been Chinese.
Australia is looking for new sources of growth as its mining boom winds down.
"The government will reform the programme to encourage more high net-worth individuals to make Australia home," Prime Minister Tony Abbott said in a joint statement with the immigration and trade ministers.
BBC News - Australia expands visa programme aimed at rich Chinese