Wealthy Chinese are being attracted by Australia’s new visa program which necessitates a visa applicant to invest approximately $4.73 million to be eligible for residency in Australia.
Individuals are required to invest at least $500,000 and create jobs to be approved for the Australian Significant Investor Visas, which are created to allow permanent residency in Australia and attract foreign capital. Around 1000 applications have been filed for these visas and it is likely that lot more applications will come in.
The visa applicant must accomplish the task of residing in the country for at least 40 days every year for duration of four years prior to get permanent residency.
The new Liberal National coalition has made the visa approval process quicker. Around 282 visa applicants were granted visas from September 2013 to June 2014.Whereas, only four visas were granted during the beginning seven months of the program’s launch.