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New South Wales' visa measures attempt to attract rich Chinese migrants

March 2014, 06
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Australia Immigration
New South Wales has set up new measures to attract rich migrants from China. These measures let an applicant to attain a visa easily for the purpose of settling and starting a business in Sydney.

The significant investor visa which has been introduced in November 2012 grants the entrepreneurs a 4 year renewable residency visa based on an investment of $5 million in Australia.

The entrepreneurs must be in Australia for just 160 days across the 4 years, and there is no limit as regards age and applicants don’t have to fulfill the criteria of the skill-based points test.

The application has to be sponsored by a state government, which enables it to specify certain standards which are intended to attract these highly valued migrants.

Andrew Stone, Deputy Premier, will make an announcement at an industry event in Sydney today with regard to lessening of business investment criteria for New South Wales.

To establish a business in Sydney, the requirement will be reduced to $1.5m from $3m and to $1m from $2m for the business established in regional New South Wales. Additionally, requisites on the total funds to be moved to cover settlement expenses and business investment will be relaxed, dropping them from $2.5m to $2m in regional areas and from $4m to $3m in Sydney. The approach is intended to compete with Victoria, which has promoted itself in China to business immigrants and has less specific and strict conditions.

Victoria evaluates applicants on a case-by-case basis by considering their capability of contributing to the economy of the state, their wider business agenda and their intentions of settlement, and also considers whether the applicant had previously visited Victoria and obtained an appreciation of both the lifestyle and business environment there.

Queensland needs applicants to invest $2.5m in a business for the Gold Coast or Brisbane. 

New South Wales has put an end to the requirement for those looking for an investor retirement visa to commit to a business in order to compete with Queensland.

The applicants of significant investor visa or Investor retirement visa still have to fulfill the requirements of the federal government. The significant investor visas include investing $5m in authorized Australian-based investments.

New South Wales requires $1m out of $5m to be invested in the state government Waratah bonds, which are required to finance the infrastructure program of the state.

$150m has been invested in the Waratah bonds which were invested by 52 by applicants who have been approved so far. An additional 250 people have already applied and are waiting for approval. More than 90 % of them are from China.

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