by David KO Chin, Managing Director, Basis Point

The author of the 2013 best seller Crazy Rich Asians has launched China Rich Girlfriend.  His response to criticism that he is replacing one bad stereotype (of poor Asians) with another bad stereotype (of rich Asians) was that he was ‘opening up the range of stereotypes’.

One of the biggest challenges in digesting the information overload on ‘new China’ is that the extremes are interesting but not the norm.  We suggest the normal distribution curve be kept in mind to reclassify where the information sits in the larger picture.

Some of them have been living here for over 20 years, according to a report in The Australian. The nationalities of these overstayers may surprise you.

The department of immigration estimates that some 62,100 people were unaccounted for in Australia during 2014, which is roughly 1.2 per cent of the 5.5 million people who enter the country each year on temporary visas.

People from China, Malaysia and the United States were the highest number of visa overstayers in Australia in 2013, with the Chinese topping the list at 7690.

According to an Immigration Department report, Migration Trends 2012-2013, visitors (44,800) and students (10,720) were the largest cohort of visa holders to overstay their visit. The highest number of visa overstayers in 2013 by nationality came from China (7690), Malaysia (6420), the US (5220) and the UK (3780).

An Immigration spokesman told The Australian that people found with expired visas could be detained and removed if located by the department in the community. Unlawful non-citizens also face a three year re-entry ban.

Migration Alliance has been given permission by the DIBP to release this information on this platform:

Dear Agent

There are a number of legislative changes that will come into effect on 1 July 2015 affecting the Employer Nomination Scheme (Subclass 186 Visa) and Regional Sponsored Migration Scheme (Subclass 187 Visa).  

The saying “truth is stranger than fiction” is popular because it is constantly being confirmed by our everyday experience.  As RMAs will know from their daily work, this time-honored expression certainly applies to the realm of migration law! There are constantly incredible, amazing and unlikely stories!

A recent case from the Federal Circuit Court, Vata v Minister for Immigration & Anor (2015) FCCA (26 June 2015) is a perfect illustration!

In this case, the visa holder, Mr Vata, was successful in getting the Department’s cancellation of his permanent residency visa overturned.

The new financial year has seen the reopening of the significant investor visa programme but with a new list of eligible investments for foreigners to consider. The tough part with this list is that it may not sit well with what some analyst describe as conservative investors seeking a safe haven to park their funds while waiting on their visa decision.

In an attempt to stop the flow of funds into the Australian property market, the government’s new rules are forcing funds away from government bonds and the property market into high risk investments.

No less than $1.5 million will have to be invested in managed funds or listed investment companies that invest in ASX-listed emerging companies. Part of this requirement is that the managed fund must dedicate at least 80 per cent of its assets to firms with a market capitalisation of less than $500 million.

Of the remainder, at least $500,000 will have to be put in eligible Australian venture capital or private equity funds which invest in start-up and small private companies

And what's left over – up to $3 million – can be invested in a combination of assets, including ASX listed companies, eligible Australian corporate bonds or notes, annuities and real property in Australia. The last is subject to a $300,000 limit on residential housing.