Australia on Tuesday took steps to boost a visa scheme aimed at luring investment from wealthy Chinese, including speeding up approvals and expanding investment avenues, after complaints that disclosure requirements were too strict.
The two-year old Significant Investor Visa (SIV) scheme offers residency to overseas individuals who invest more than A$5 million ($4.6 million) in Australia under a programme the government hopes will eventually raise A$6 billion a year.More than 90 percent of applicants since the scheme was introduced in 2012 have come from China.
It announced another visa scheme on Tuesday offering residency to those who invest A$15 million for one year.While the move ensures billions of dollars in investment for a country that is staring at a fading mining boom that powered its economy for more than a decade, immigration experts say the move is unlikely to attract large numbers of investors.
Chinese investors have been blamed recently for driving up property prices in Australia.
The two-year old Significant Investor Visa (SIV) scheme offers residency to overseas individuals who invest more than A$5 million ($4.6 million) in Australia under a programme the government hopes will eventually raise A$6 billion a year.More than 90 percent of applicants since the scheme was introduced in 2012 have come from China.
It announced another visa scheme on Tuesday offering residency to those who invest A$15 million for one year.While the move ensures billions of dollars in investment for a country that is staring at a fading mining boom that powered its economy for more than a decade, immigration experts say the move is unlikely to attract large numbers of investors.
Chinese investors have been blamed recently for driving up property prices in Australia.