With Canada’s cancellation of its popular investor visa leaving an estimated 65,000 applicants in the lurch, analysts are suggesting that this wealth which runs into the billions could now dart its way down south to Australia. It’s no wonder then that the Australian states are now stepping up the battle to attract Chinese investors by easing up their requirements for sponsorship under Australia’s significant investor visa programme.
The Australian programme essentially grants a 4-year renewable visa to investors who pour $5 million into Australia’s coffers and are sponsored by a state government. The states set their own criteria for sponsorship and have steadily eased these requirements in the battle to attract the migrating wealth.
The Australian reports that NSW is set to significantly ease its sponsorship rules. The reports states that Deputy Premier Andrew Stone is expected to announce at an industry event in Sydney today that, “NSW's business investment criteria has been reduced,” for the purposes of state sponsorship of the Significant Investor Visa programme.
“A requirement to spend $3m if establishing a business in Sydney will be reduced to $1.5m, and from $2m to $1m for businesses established in regional NSW. As well, requirements on the total funds to be transferred to cover business investment and settling expenses will be relaxed, dropping from $4m to $3m in Sydney and from $2.5m to $2m in regional areas. The move is designed to compete with Victoria, which has marketed itself in China to business migrants and has less specific or onerous conditions.”
The Australian reports that Queensland requires applicants to invest $2.5m in a business if it is Brisbane or the Gold Coast, which creates at least five jobs, with higher thresholds for property development businesses.