AUSTRALIA GRANTED 88 RESIDENCY VISAS UNDER THE SIGNIFICANT INVESTORS PROGRAM FROM NOVEMBER 2012 TILL DECEMBER 2013 OUT OF WHICH 49 WERE FOR STATE OF VICTORIA FOLLOWED BY NSW AND 9 OUT OF 10 INVESTORS WERE FROM CHINA AND IN JANUARY 2014 ALONE 33 SUCH VISA ISSUED Thirty-three visas were approved in January — the largest monthly figure on record — but a state-by-state breakdown of those figures is not available. KordaMentha managing director Berrick Wilson said the Victorian government had made a particular effort to target high-net worth individuals. The advisory firm has launched a new fund which provides commercial real estate investment opportunities for people with the Significant Investor Visas. “The reality is that Victoria and NSW have historically always been the state of choice for Chinese immigrants in the past but Victoria in particular has done a very good job of marketing this program,” Mr Wilson said. He said the bulk of money flowing into the state through the visa scheme was generally being put into government bonds and his fund aimed to provide a more diverse range of investment opportunities. “Our fund targets core and core-plus commercial real estate — low volatility, income producing commercial real estate,” he said. VICTORIA is the destination of choice for cashed-up foreigners seeking to fast-track residency by investing $5 million, official figures reveal. The state accounts for more than half of all Significant Investor Visas issued in the first 13 months of the controversial program. Some 88 visas were issued from late November, 2012, when the program was introduced, to last December. A breakdown of government figures show Victoria accounted for 49 of them. NSW was the next most popular state, accounting for 26. Nine out of 10 visas nationally went to rich Chinese investors. The program fast-tracks the path to permanent residency for foreigners who park $5 million in state government bonds or selected property projects. Visa recipients do not need to pass the usual points tests for skills and language and become eligible for a permanent visa after four years. The program has generated investment of $440 million. It has, however, upset refugee advocates who claim it allows the rich to buy their way to the top of the residency queue. Approvals have surged under the new Federal Government, with about 90 per cent of all Significant Investor Visas approved since Tony Abbott came to power.
Posted on: Sun, 09 Mar 2014 02:57:50 +0000
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