Australian introduces new type of Investor Visa
Australia will introduce new investor visa, which is expected to bring a lot of fresh investments into its economy. The new type of visa that was announced in May will require minimum investment of 5 million AUD into the Australian economy. According to the Australian Immigration Minister Chris Bowen this threshold will be enough to ensure that a meaningful investment will be made by the successful visa applicants, which will justify the visa concession. No maximum age requirement will exist. The range of acceptable investments will be quite broad and will include government bonds, public company shares and direct investment in certain private Australian companies, which are not listed on the stock exchange. The Investment Visa will be part of the business innovation and investment programme of the Australian Government.
The Australian Department of Immigration and Citizenship will start accepting applications after 24 November 2012. All applicants will be required to submit an Expression of Interest through the new online system SkillSelect. The main objective of the new visa will be to target migrants, who have proven record of entrepreneurial success and who are able to make significant contributions to the nation’s economy and innovation. It is expected that the attraction of high-net-worth investors will provide additional stimulus for the Australian economy and will make the country more competitive internationally.
The Australian Immigration Minister Chris Bowen said that all successful applicants will have the right to extend their visa beyond its initial four year period. Furthermore they will need to satisfy the residency requirement of 160 days per year. State and territory governments will work together with the central government in order to select the most experienced and high-profile international investors.
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