Investment into Australia via the significant investor visa program (SIV) has hit $2.18 billion dollars with investors now showing a clear preference for Victoria and the real estate market, according to report in the Herald Sun.

Victoria is the place to be as far as the wealthy Chinese investors are concerned. The state has seen the greatest influx of wealthy Chinese investors looking to fast-track residential visas by spending more than $2.1 billion on property investment, business and shares in the past two years, says the report.

“At least 436 high-wealth Chinese, and a sprinkling of Hong Kong, South African, Japanese and Malay individuals promising to invest at least $5 million each in the Australian economy have secured residential visas under the new Significant Investment Visa program.”

More than half — 221 — now call Victoria home and the State Government has issued invitations to another 825 rich individuals to invest here.

Wealthy foreigners looking to move to Australia immediately, and be eligible for permanent visas after four years, can invest in real estate managed funds, bonds or Aust­ralian companies.

Another $2.8 billion from high-wealth overseas business people wanting to live in Australia is in the pipeline.

All foreign investors must have their applications for Australian residential visas under the SIV program supported by the relevant state government.

A federal immigration source said the Victorian Government had been the biggest supporter of the SIV initiative, seeing it as an opportunity to increase investment.

By comparison, NSW has received 162 SIVs and has 464 invitations being considered.

The SIV process requires applicants to explain the source of their wealth. An undisclosed number have either been rejected or have withdrawn applications after being unable or unwilling to.