Migration reforms target foreign investors1 June 2012Foreign investors will find it easier to migrate to Australia following the introduction of a suite of business visa reforms this financial year. Last week, the Australian Government announced plans to introduce a new visa program for foreign investors who commit at least A$5 million to the Australian economy. The new Significant Investor visa will minimise migration barriers for investors in Australian companies, state and territory bonds, and regulated managed funds, and will bring Australia into line with the policy of other countries, such as the United Kingdom, Canada, Singapore and New Zealand. Announcing the new program last week, the Minister for Immigration and Citizenship, Chris Bowen, said the reforms will boost Australian’s economy by attracting high net worth individuals seeking investment immigration. “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.” The reform package will also include measures to boost skilled migration to Australia. On 1 July 2012, the existing Business Skills visa will become the Business Innovation and Investment program attracting migrants who have a demonstrated history of innovation and business success. More information |