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Special investor visas to be fast tracked by Australian Immigration

November 2013, 18
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Scott Morrison, the new Immigration Minister of Australia, has made a statement that he wants to fast track visa applications made for permanent residency by 400 wealthy visa applicants. The subclass 888 significant investor visa has been applied for by the 400 visa applicants and Scott Morrison has a very strong belief that these people have AUS$2bn to invest in the economy of Australia which will in return boost the Australian economy. He also said that new Australian jobs will be created if the Significant Investor Visa was rebooted. In November 2012 the Significant investor Visa was established by the previous Australian labour governments they were trying to allure international investors to invest their money in Australia.

28 Significant Investor visas have been granted so far by Australia. To get the Investor visa applicant mutt show that they have AUS$5m to invest in Australia. Currently there is a nine-month wait period to process this visa and only after that the applicant receives the 888 visa but Mr. Morrison has also said that he wants to cut this period down as he fears that many wealthy Chinese people will go to other countries. The money can only be invested in investments which are approved by the Australia government. In october, when Mr. Morrison was speaking at the Migration Institute of Australia he told the crowd that he was trying to poach international talent in Australia like a recruiter does it for a local sports team.

Mr. Morrison said that the people who have 888 visas will transfer their wealth to Australia over a generation and the businesses they run would be Australian, creating more jobs in Australia. He said that within our immigration programme we need to see people who will create jobs through their organisation each day, people who will risk their capital and we will think of people who will create business in Australia. The 888 visa will also be rebooted so that immigrants are encouraged to invest in Australia said Mr. Morrison. On the AM6 Technology website, James Riley, the Australian tech journalist has said that Australian companies can build huge opportunities with Asian footprint and Chinese money.

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