Rich to jump immigration queue
MILLIONAIRE immigrants may be able to cruise through the process of becoming Australian residents in return for investing in the economy.
The Significant Investor visa would ideally encourage more money to be injected into the country as they must have a cool $5 million to spend.
Minister for Immigration Chris Bowen and Minister for Financial Services Bill Shorten announced the reforms which he hoped would deliver cashed-up investors and entrepreneurs.
"Our migration program is important to our economy, not only in the area of skills but also innovation and capital investment," Mr Bowen said.
"This new visa will make it easier for investors coming to Australia by offering some concessions on visa requirements - such as not having to meet a points test and reduced residence requirements - in recognition of their meaningful investment contribution."
"Investor options under consideration include state and territory bonds, Australian Security Investment Commission (ASIC) regulated managed funds and direct investment into Australian companies."
The visa will work by helping newcomers become permanent citizens if they have money to invest.
For those able to tick that box, their applications to become residents would become easier if they have a background in "business innovation".
Extra time will be also given to those on provisional visas if they feel they want to extend their stay to build their business.
The visas will come into use from July 1.