Minister of Citizenship and Multicultural Affairs, Tajikistan. (photo of the Herald Sun)
In recent days, the number of wealthy Chinese and overseas investors willing to contribute A $5 million to Victoria has fallen, the Herald Sun reported.
The number of wealthy overseas considering immigration to Victoria has slashed by 2/3, according to immigration authorities. So far this fiscal year, only 324 wealthy people have been granted significant investor visas (Significant Investor Visa, or SIV). This is far from 891 applicants in the previous year and 1096 applicants in fiscal year 2015 / 16.
For years, Victoria has been one of the wealthiest destinations to emigrate. However, according to recent data, across Australia, interest in SIV visa applications has declined significantly.
In addition, the high-end investor visa (Premium Investor Visa, or PIV, has been snubbed by wealthy people overseas, with former Prime Minister Albert (Tony Abbott) introducing the visa scheme to require applicants to invest at least A $15 million in Australia. However, none of the applications for PIV visas have been approved since their launch in July 2015.
Federal Minister of Citizenship and multiculturalism, Taqi (Alan Tudge), confirmed a decline in the number of investors seeking immigration to Australia. "fewer and fewer applicants and stricter approvals have led to a decline in the number of applicants." He said。
In its 2016 report, the Australian Productivity Commission (Productivity Commission) raised concerns and called for the visa to be abolished, arguing that "visa holders and fund managers are the main beneficiaries."
The latest figures show that 3634 overseas people and their 8380 family members have been granted visas across Australia since November 2012, injecting as much as A $9 billion into the Australian economy. Of these, 80% came from mainland China, followed by immigrants from Hong Kong, Malaysia, South Africa and Vietnam.
But in recent months, concerns about "China`s influence penetration" have deepened in Australia, with the number of wealthy Chinese applying for SIV visas being accused of falling as a result.
