SIV application numbers since the scheme re-opened four months ago, remain low, but trade minister, Andrew Robb is confident that the recalibrated scheme will recover and attract “better candidates”.

Having suspended the SIV earlier this year due to fears that it was being abused, the government reintroduced the scheme requiring 10 per cent of the $5 million investment required under the scheme to be directed towards approved venture capital funds; and 30 per cent to go into listed small companies.

The hope was to stem complaints that foreign investors were driving up residential property prices and direct investments to where it is needed the most – emerging but higher risk local startups. Since being re-opened in July there have been more than 70 applications lodged for the Significant Investor Visa, worth $350 million in investment for Australia if all are approved.

Trade Minister Andrew Robb told The Australian Financial Review that early enquiries about the new scheme were encouraging.

"Interest in the program remains strong following the recalibration. Importantly, we are attracting candidates with a keen interest in investing in more dynamic and innovative areas of our economy," Mr Robb adding that, "The previous SIV framework had set the bar too low, with investment largely directed into passive investments."

On a recent 12 city roadshow through China, one funds manager claimed to have had 2000 people attend its 73 seminars, according to the AFR report.

The potential pay-off from migrants becoming major investors was seen in 2013 when the founder of the Shanghai Zhongfu Group, Wu Pui Ngai, agreed to invest $600 million to develop agriculture around the Ord River in Western Australia.

Mr Wu was granted Australian permanent residency in 2002 under a business migration program.

Millionaire migrants, almost all from China, plowed A$3.8 billion into Australian assets since the government created the visa category in 2012.