New Program Launches On November 24#
Starting at the end of this month, Australia's new "Significant Investor Visa" program -- which is already being called the "Millionaire Visa" scheme -- is aimed at wooing wealthy overseas to invest in the country in exchange for Australian residency. All this for the low, low price of A$5 million (US$5.2 million) -- far less than the half-million dollar threshold for the U.S. "EB-5" visa program.
As the Wall Street Journal notes this week, Australia's program stipulates that the $5 million investment must be made in "state and territory Australian government debt, privately owned Australian companies and managed funds that invest in Australian assets regulated by the Australian Securities & Investment Commission for four years."
Going on, the Journal notes that consultants expect the new program to be highly popular with wealthy Chinese -- many of whom have already sent their children abroad for their education, or who are eager to park more assets overseas.