Australia to launch new ‘Significant investor visa’ in November

Australia, 3rd October: Australia is all set to launch its new immigration scheme for facilitating foreign investors.

The new program has been titled ‘Significant Investor Visa’ and will be launched by the nation in November this year.

New immigration campaign to lure foreign investors-In a bid to attract more and more foreign investors to come and make investments in Australia, the federal government has announced to launch a new immigration scheme next month.

Named Australia Significant Investor Visa, the immigration program will be of big advantage for many foreigners wanting to set up businesses in Australia.

Australia already has a significant proportion of wealthy Indians having big stakes in the nation. Many rich Indians have set up huge hotels as well as mines in Australia. This is affirmed by a principal analyst at East & Partners (a banking research firm), Paul Dowling.

Foreign private investment has witnessed a sizeable increase in the period of last nine or ten months, she maintains.

What is new Australian significant investor visa—This new Australian immigration program will offer a route for foreigners willing to invest funds exceeding AUD$5 million in Australia. It is a part of Australia’s Business Innovation and Investment Stream launched by the nation on 1st July this year.

Who is eligible for such Australian visas—Following is the eligibility criteria for these Australian visas—

• Applicant should have nomination from a Territory or a State government;

• Should make an investment of not less than AUD$5 million in any complying investment(like territory or state govt. bonds, direct investment in any actively operating private companies of Australia not enlisted on Australian stock exchange but fulfilling test of qualifying business or Australian Securities and Investment Commission regulated fund investing in Australian assets).

Already home to rich migrant investors--Australia has been attracting rich foreigners to invest funds in real estate in the nation, especially service apartments and hotels.

And it comes in as no surprise since Australia is known for its rich natural resources, pleasant climate and high growth rate. As a result, commercial real estate has been witnessing a price rise due to increased number of foreigners ready to put their money into it.

Among India’s rich making their mark in Australia as foreign entrepreneurs include the Jindals and Gautam Adani. While Jindals have a ranking of among top 80 wealthiest globally, Gautam Adani is a self-made billionaire who has a coal mine in Queensland.