Australia fast-tracks visas for super rich

[webfact]

Australia fast-tracks visas for super rich

SYDNEY (AFP) - Australia said Tuesday it would introduce a "premium investor visa" to give immigrants permanent residency after a year if they invest Aus$15 million (US$13 million) in the country.

The visa, available from next July, builds on the Significant Investor programme under which people who sink Aus$5 million into Australia are granted a minimum four-year visa.

"The government will reform the programme to encourage more high net-worth individuals to make Australia home," Prime Minister Tony Abbott said in a joint statement with the immigration and trade ministers.

They said the changes would "leverage and better direct additional foreign investment, while maintaining safeguards to ensure the migration programme is not misused".

The reforms include a reassessment of where the investments were made so they matched the government’s "national investment priorities".

Some 436 Significant Investor visas were granted between November 24, 2012 -- when the programme was launched -- to the end of last month, according to immigration department figures.

A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China.

The government also announced a review of its 457-class skilled visa programme, which was tightened under the previous Labor government amid claims of abuse by employers and disadvantage to local workers.

There will be "greater flexibility" in English-language testing and skill requirements, and a streamlining of the sponsorship and visa application process.

Abbott did not specify which industries would benefit from the 457 visa changes, but stressed they "are not a way of substituting overseas labour for domestic labour".


-- (c) Copyright AFP 2014-10-14

[Berkshire]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

[squarethecircle]

Bad idea. Do you want your country to become a vassal state from corrupt politicos and businessmen from countries without the sort of rule-of-law that made your country great?

Another way to put that: it is not possible to make $13 million in a country like PRC without stealing the lunch money from nerds. And nerds are what make countries great.

[masuk]

Same here in Thailand: We invest our monthly pension into the country, and we get to stay 12 months.

Not forgetting 4 x 90 day visa checks

[Nuddy]

Amazing Australia.

Now one can buy entry with lots of dollars.

Anyone can buy real estate or start a business in Australia.

But ordinary Australians cannot afford to live there.

Multiculturalism is not working for Australia.

[Time Traveller]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

I beleive they already do. Most Australian politicians and many business people are too afraid to say no to china now. It's easy to accept their money and let the rest of country deal with the problems that are created

[malathione]

Isn't the U.S. investment residency something like half a million dollars? Rumor has it a lot of Chinese are taking advantage of that, as well.

[Doc46]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

Yes THEY forgot the Muslims.

[MediaWatcher]

Nuddy, on 14 Oct 2014 - 18:46, said:

Amazing Australia.

Now one can buy entry with lots of dollars.

Anyone can buy real estate or start a business in Australia.

But ordinary Australians cannot afford to live there.

Multiculturalism is not working for Australia.

Rubbish, 25 million people live there, yes, like ALL countries some are poor, but unlike many, in Oz there is no reason why anyone can't have a roof over their head. You must have your head stuck firmly up your fundamental orifice.... multiculturalism works great there, granted, there are individuals that are racists but you shouldn't condemn a nation because of a minority. Seems you would see the worse anywhere if it suited your bigoted views.

[Wat dee]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

Atleast they got states first!

[TuskegeeBen]

When Thai people ask me what do I love the most about Thailand, I always say, The Corruption.

When the look at me in amazement for an explanation I say, " in Thailand corruption is available to every man, woman and child, should they chose to use it.

In my country it is only available to the rich, and only a select few have access."

Well written reply, With 88 per cent of visa holders hailing from China, it won't be long now before the Chinese own both AU & NZ. Theyve already got both the US & Canada by the short hairs, and are currently recolonizing all of sub-Sahara Africa. I sort of expected that the Aussies would have had a better clue, than they do. Sigh

Edited October 14, 2014 by TuskegeeBen

[TuskegeeBen]

Nuddy, on 14 Oct 2014 - 18:46, said:

Amazing Australia.

Now one can buy entry with lots of dollars.

Anyone can buy real estate or start a business in Australia.

But ordinary Australians cannot afford to live there.

Multiculturalism is not working for Australia.

Rubbish, 25 million people live there, yes, like ALL countries some are poor, but unlike many, in Oz there is no reason why anyone can't have a roof over their head. You must have your head stuck firmly up your fundamental orifice.... multiculturalism works great there, granted, there are individuals that are racists but you shouldn't condemn a nation because of a minority. Seems you would see the worse anywhere if it suited your bigoted views.

MediaWatcher, you're the one who comes across like some red-necked bigot, with that name calling, hostile reply. Get a grip, for heaven sake,man. We're suppose to be just light-heartedly sharing opinions, on this forum. Not holding heated Parliamentary debates, where the outcome affects the live of millions of people. Chill-out, dude. Have a cup of iced

Nutty, you need to get a clue, dude. Multiculturalism has worked just fine in Oz. for everyone, including the (ordinary) multi-cultural, hard-working tax-paying, citizens of Oz. The "ordinary" Austalians that you're referring to, nearly bankrupted the Australian national treasury, by sucking milk from the public dole tit, to the point of exhaustion. From what I am reading in your post, you were probably a contributor yourself, to that nearly national disaster. Bigoted people usually are the greatest contributors to their own inherited circumstances. I'm surprised you haven't ragged on the aboriginal people (the original, ordinary Australians) Again, get a clue, and feel better about your life, mate. Capiche?

Edited October 14, 2014 by TuskegeeBen

[cookee68]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

it started with crooks, and it will finish that way

[bkkcanuck8]

Isn't the U.S. investment residency something like half a million dollars? Rumor has it a lot of Chinese are taking advantage of that, as well.

Actually, I believe it started with Canada before the US.... if you invest a certain amount for a certain period of time (less if you locate in a more needy region) you can get an investment visa. The US first complained about it, then they said they needed to compete with it. Personally, I have no problem with it -- if someone is investing money (i.e. hiring people) and subjecting themselves to our taxes - as long as they are not a security or criminal threat - it is worth it. Out of 200,000 to 300,000 immigrants it is going to make up at most a few thousand if we are lucky. So poor people still get the majority of the visas

The number of Chinese taking advantage of the "rich persons visa" are a small percentage of all the visas issued to Chinese....

I see it as just petty jealousy against those that can afford that sort of thing.

Edited October 14, 2014 by bkkcanuck8

[TPI]

Nuddy, on 14 Oct 2014 - 18:46, said:

Amazing Australia.

Now one can buy entry with lots of dollars.

Anyone can buy real estate or start a business in Australia.

But ordinary Australians cannot afford to live there.

Multiculturalism is not working for Australia.

Rubbish, 25 million people live there, yes, like ALL countries some are poor, but unlike many, in Oz there is no reason why anyone can't have a roof over their head. You must have your head stuck firmly up your fundamental orifice.... multiculturalism works great there, granted, there are individuals that are racists but you shouldn't condemn a nation because of a minority. Seems you would see the worse anywhere if it suited your bigoted views.

I've got to disagree, for a start there are about 21 million in Oz, multiculturalism used to work until the last 20 years! All of the Italian and Greek migrants did their best to fit into society. Maltese, German, Dutch, English, Finns, Turks in fact all of the 180 different types of people from all over the earth tried their best to fit in!

And then came the Social Security bludgers, The Emirs and their fellow travellers from Egypt, Syria, Modern Lebanon (older Lebonese fitted right in), Sudanese, Yeminese....and what's really odd is they're all Muslims! Complaining about how Oz doesn't make them feel welcome, doesn't let them practice Sharia Law, doesn't let them have 4 wives or beat them and my payments late! People won't hire me because i won't get out of my kaften or take off my cap to put on a safety helmet! MY CULTURE is purer than yours so you should make it easy for me to fit in, why should I have to learn to read write and speak English ? The Koran is in Arabic!

[squarethecircle]

When Thai people ask me what do I love the most about Thailand, I always say, The Corruption.

When the look at me in amazement for an explanation I say, " in Thailand corruption is available to every man, woman and child, should they chose to use it.

In my country it is only available to the rich, and only a select few have access."

That's not quite true. Ask a Burmese migrant on 200-300 baht/day if they find this corruption so amazing. It works well for us, though.

bkkcanuck8: "I see it as just petty jealousy against those that can afford that sort of thing."

Perhaps, but there is good objective reason to see this as an evil. PRC - like the Soviet Union and I guess modern Russia as well - does not have the rule of law that keeps bullies from stealing nerds' lunch money. So the person with $13 million to invest is - perhaps you can give some counterexamples - ironically someone who made that money in a way they couldn't legally do inside of Australia. It's not like they created a valuable service and set it out to the world and made their cash that way - as did people like Bill Gates or Richard Branson - they simply were crooked enough to take advantage of the lack of rule of law, slave-like labor, lack of air quality controls, etc.

It reminds me a bit of some of the scowling, scheming Russians in UK and US. Though IME most Russians and most Chinese immigrants do indeed add value to the countries they go to. Not so much with the recent "crooked party members" immigration, many of these are in deed no good.

[bkkcanuck8]

When Thai people ask me what do I love the most about Thailand, I always say, The Corruption.

When the look at me in amazement for an explanation I say, " in Thailand corruption is available to every man, woman and child, should they chose to use it.

In my country it is only available to the rich, and only a select few have access."

That's not quite true. Ask a Burmese migrant on 200-300 baht/day if they find this corruption so amazing. It works well for us, though.

bkkcanuck8: "I see it as just petty jealousy against those that can afford that sort of thing."

Perhaps, but there is good objective reason to see this as an evil. PRC - like the Soviet Union and I guess modern Russia as well - does not have the rule of law that keeps bullies from stealing nerds' lunch money. So the person with $13 million to invest is - perhaps you can give some counterexamples - ironically someone who made that money in a way they couldn't legally do inside of Australia. It's not like they created a valuable service and set it out to the world and made their cash that way - as did people like Bill Gates or Richard Branson - they simply were crooked enough to take advantage of the lack of rule of law, slave-like labor, lack of air quality controls, etc.

It reminds me a bit of some of the scowling, scheming Russians in UK and US. Though IME most Russians and most Chinese immigrants do indeed add value to the countries they go to. Not so much with the recent "crooked party members" immigration, many of these are in deed no good.

I use to work with someone from China that worked basically as a junior programmer in Canada, then maybe mid-level. He went back to China and started a outsourcing company and within a few years had over 1,000 people. If he were that well connected -- he would have not originally immigrated to Canada and worked at some mid-level tech company. He was lucky in that he had a good head for business. Yes, it is not an example of someone that would need the visa since he had one.... but it is an example that everyone that has money is not corrupt.

People that are well connected and/or elite are often NOT the ones interested in immigrating to a country with the rule of law. Unfortunately you are overly generalizing.... Why immigrate to Canada if you're above the law, rich and powerful in a country that absolutely dwarfs the possibilities of the country to which you are immigrating to?

EDIT: Many - tired and making many mistakes

Edited October 15, 2014 by bkkcanuck8

[simple1]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

Right now total Chinese inbound investment represents around 3% of direct foreign investment, a very long way to go before they reach anywhere near UK & US investors. Oz goverment has blocked some proposed major Chinese investments in Australia as "not in the national interest". Currently it's the Japanese who are the major Asian investors in Australia.

In 2012, total US was $617.5 billion

In 2012, total UK was $496 billion

In 2012, total Japanese was $126 billion

http://www.business.nsw.gov.au/invest-in-nsw/about-nsw/trade-and-investment/stock-of-foreign-direct-investment-in-australia-by-country

Edited October 15, 2014 by simple1

[Berkshire]

"A total of Aus$2.18 billion was invested in Australia through the programme, with 88 per cent of visa holders hailing from China."

Is it too early to predict that someday, in the not-so-distant future, the Chinese will own Australia.

I beleive they already do. Most Australian politicians and many business people are too afraid to say no to china now. It's easy to accept their money and let the rest of country deal with the problems that are created

What's really ironic about this thread is that there is another thread running this very minute with the title:

(BBC) The Australian government is facing two challenges in court on Tuesday over its policies towards asylum seekers.

Australia is not shy about saying who they want and who they don't want, i.e., SHOW ME THE MONEY!

[MediaWatcher]

TuskegeeBen, on 14 Oct 2014 - 23:47, said:

MediaWatcher, on 14 Oct 2014 - 20:52, said:

Nuddy, on 14 Oct 2014 - 18:46, said:Nuddy, on 14 Oct 2014 - 18:46, said:

Amazing Australia.

Now one can buy entry with lots of dollars.

Anyone can buy real estate or start a business in Australia.

But ordinary Australians cannot afford to live there.

Multiculturalism is not working for Australia.

Rubbish, 25 million people live there, yes, like ALL countries some are poor, but unlike many, in Oz there is no reason why anyone can't have a roof over their head. You must have your head stuck firmly up your fundamental orifice.... multiculturalism works great there, granted, there are individuals that are racists but you shouldn't condemn a nation because of a minority. Seems you would see the worse anywhere if it suited your bigoted views.

MediaWatcher, you're the one who comes across like some red-necked bigot, with that name calling, hostile reply. Get a grip, for heaven sake,man. We're suppose to be just light-heartedly sharing opinions, on this forum. Not holding heated Parliamentary debates, where the outcome affects the live of millions of people. Chill-out, dude. Have a cup of iced

Nutty, you need to get a clue, dude. Multiculturalism has worked just fine in Oz. for everyone, including the (ordinary) multi-cultural, hard-working tax-paying, citizens of Oz. The "ordinary" Austalians that you're referring to, nearly bankrupted the Australian national treasury, by sucking milk from the public dole tit, to the point of exhaustion. From what I am reading in your post, you were probably a contributor yourself, to that nearly national disaster. Bigoted people usually are the greatest contributors to their own inherited circumstances. I'm surprised you haven't ragged on the aboriginal people (the original, ordinary Australians) Again, get a clue, and feel better about your life, mate. Capiche?

Um, excuse me "sir, or madam", but where did I call anyone names. "Rubbish" was a name..."fundamental orifice" isn't a name and neither is "bigoted views," you seem to have read something that simply is not there. relax "dude" have an ice... no just suck on ice.

[LawrenceChee]

Not every entrepreneur is corrupted and there is a sick trend of jealous eyes by those who do not have the drive to make it happen and then blame it when thy see the rich into thinking somehow they got it illegally

Ask Alibaba Jack Ma when he met Jerry Yang from yahoo and yahoo bought into them ...Jack was then a state run tour guide who made it big by taking risks and understanding market opportunities

Don't make it into a Mickey by thinking everyone rich in China did it corruptly ...there are aplenty of millionaires there who made it through grit, risk taking and having a great nose for business

[bkkcanuck8]

Not every entrepreneur is corrupted and there is a sick trend of jealous eyes by those who do not have the drive to make it happen and then blame it when thy see the rich into thinking somehow they got it illegally

Ask Alibaba Jack Ma when he met Jerry Yang from yahoo and yahoo bought into them ...Jack was then a state run tour guide who made it big by taking risks and understanding market opportunities

Don't make it into a Mickey by thinking everyone rich in China did it corruptly ...there are aplenty of millionaires there who made it through grit, risk taking and having a great nose for business

It is not a surprise that once Chinese people, once the government restrictions on capitalism were lifted, excelled. It is a pattern that has repeated itself over and over again when Chinese merchant class has immigrated to new regions. Chinese immigrants (and their descendants) migrated to Malaysia, Singapore, Indonesia, etc. and in these countries where they might have been a minority -- they have risen to the top economically. Malaysia has enacted racist laws to try and limit the success of the Chinese and "help" the "native" the population. In Indonesia they often come under attack because of jealousy of the Chinese minorities success.

[bkkcanuck8]

Why immigrate to Canada?

According to my Chinese friends, Toronto has the largest Chinese population outside of China.

Safety in numbers they say.

The question was not about why Chinese would immigrate to Canada, but why would you immigrate if you are the elite and rich. People generally look to immigrate to greener pastures. If you are above the law, rich and connected.... why go to somewhere you don't have those advantages? The Chinese girl from mainland China that I was very close to - told me that it was her father that recommended that she move to Canada. He had trips abroad for work on regular occasions to Germany, US, and Canada - and of those three he thought Canada was the best choice for a multitude of reasons. If I remember right her father was a professor.

[LawrenceChee]

I am sorry but how does 15 million dollars makes you rich and elite ?

I know aplenty of millionaires who are down to earth, rich yes ...elitist in thinking no

Maybe they just like fosters and petting koalas ...Australia is just one of the destination and not the only

[bkkcanuck8]

I am sorry but how does 15 million dollars makes you rich and elite ?

I know aplenty of millionaires who are down to earth, rich yes ...elitist in thinking no

Maybe they just like fosters and petting koalas ...Australia is just one of the destination and not the only

You are misreading my comments. An earlier poster was indicate that the people spending this amount of money to get this type of visa would have the money because of corruption, connections, nepotism, etc (i.e. rich and elite). I am saying that those that already have that in a country where there is plenty of room for growth -- would NOT be the ones that would be likely to immigrate (i.e. need that visa). When people immigrated to the new world, it was not the rich and elite that immigrated because there was more to lose than to win so they stayed.... and the poor and those that were looking for greener pastures and opportunities are the ones likely to immigrate.

Unfortunately too many people confuse money with being privileged.... I hear this from many in politics on the left in America and Canada. 80% of the "rich" in America are first generation to achieve this. In other words -- those that get rich in America do it because they earned it by having something to offer that was worth it within the context of the supply/demand capitalist based system. Jealousy disguised as justice is often the motivation for increasing the tax burden on those that earned the money. To be fair to those that cannot afford to be taxed - they should have lower or no tax rate, but everything above the poverty-line should be taxed at a flat rate.

This is the reason why I think the investment visa is a reasonable thing to offer, you need to bring more people that have shown the ability to succeed -- it is beneficial to bring more job creators into the country.

Edited October 15, 2014 by bkkcanuck8

[LawrenceChee]

I am sorry but how does 15 million dollars makes you rich and elite ?

I know aplenty of millionaires who are down to earth, rich yes ...elitist in thinking no

Maybe they just like fosters and petting koalas ...Australia is just one of the destination and not the only

You are misreading my comments. An earlier poster was indicate that the people spending this amount of money to get this type of visa would have the money because of corruption, connections, nepotism, etc (i.e. rich and elite). I am saying that those that already have that in a country where there is plenty of room for growth -- would NOT be the ones that would be likely to immigrate (i.e. need that visa). When people immigrated to the new world, it was not the rich and elite that immigrated because there was more to lose than to win so they stayed.... and the poor and those that were looking for greener pastures and opportunities are the ones likely to immigrate.

Unfortunately too many people confuse money with being privileged.... I hear this from many in politics on the left in America and Canada. 80% of the "rich" in America are first generation to achieve this. In other words -- those that get rich in America do it because they earned it by having something to offer that was worth it within the context of the supply/demand capitalist based system. Jealousy disguised as justice is often the motivation for increasing the tax burden on those that earned the money. To be fair to those that cannot afford to be taxed - they should have lower or no tax rate, but everything above the poverty-line should be taxed at a flat rate.

This is the reason why I think the investment visa is a reasonable thing to offer, you need to bring more people that have shown the ability to succeed -- it is beneficial to bring more job creators into the country.

Great explanation mate ...sorry about the confusion !