|Cash for visas: A relaxation on skilled migration rules will fast-track wealthy investors with $5 million dollars to invest. (FILE:AAP)|
A new migration program will allow those with $5 million dollars investment capital to skip over skilled migration requirements, a timely remedy for Australia’s youthful start-up ecosystem, writes Andy Park.
“The Significant Investor visa is an important new tool in the armoury of Australia’s financial services sector as Australia looks to compete in our region for high wealth and high skilled migrants and the capital that comes with them.”
WHAT MUST THEY INVEST IN
• Cash held by Australian deposit taking institutions
• Bonds issued by the Commonwealth or a State or Territory government
• Bonds, equity, hybrids or other corporate debt in companies and trusts listed on an
Australian stock exchange
• Bonds or term deposits issued by Australian financial institutions
• Real estate in Australia; and
• Australian agribusiness.
WHAT INVESTMENTS QUALIFY
• The applicant must obtain an ownership interest in the company
• The company must be registered with ASIC; and
• The business must have an Australian Business Number.