There has never been a better time for rich foreign investors to buy residency in Australia after the federal government quietly pushed ultra-wealthy applicants to the front of the line.
An internal document released under the Freedom of Information (FOI) Act reveals that in August last year, then-Immigration Minister Alan Tudge directed the Department of Home Affairs to prioritise investor visas over nearly every other type of visa applicant.
The direction, which became effective on September 1, ordered that foreigners willing to invest $5 million or more in Australia be conferred number one status, granting them a fast-track to permanent residency (PR).
Not that the pandemic hasn’t also helped drive new demand, according to property platform Juwai IQI, which helps investors from China buy property in countries like Australia.
“In the 2019-2020 year, we had more than 1500 applicants, higher than either of the previous two years,” chairman and co-founder Georg Chmiel said, noting the biggest investors predominantly come from the one region.
“China and Hong Kong account for 88.5% of all Significant Investor Visas that have been granted. Two other Asian countries, Malaysia and Vietnam, are also in the top five.”
Read more: Business Insider Australia
Source: Business Insider Australia
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