Gets a closer Look in Australia[Immigration Program]-Asia Minute

Australia
Australia

A controversial visa policy in Australia is under close examination. The program allows permanent residency for investors who invest several million dollars.

There are some restrictions. You must have a clean criminal record, and the program is adjusted to move investment away from real estate and towards venture capital and emerging companies.

It has been an “important investor visa” – and the country’s migration minister David Coleman said it will be under closer review.

Coleman is unclear about what the review will include. He said in a recent speech that “we need to increasingly focus on practical execution to ensure that we are fully reaching the goal” and “maximize returns in our economy.”

Government data shows that fewer than 200 individuals are involved in the program in a year, and the overwhelming majority comes from China.

Since 2012, those data show 87% of many investor visas have been granted to Chinese-citizens, with many applicants coming from Hong Kong, Malaysia, China, Vietnam and South Africa .

The program has gone through a more recent change.

Reuters data says that the visa program has seen “a significant increase” in Hong-Kong applications in recent weeks, as rich individuals see an alternative to migration.

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