Fund managers and immigration agents are targeting wealthy Chinese investors to make fake Australian visa applications. (SBS pictures)
Some fund managers and immigration agents are targeting wealthy Chinese investors to create "false" Australian visa applications. These actions were noted by the government in the context of its review of this controversial "golden ticket "(Golden ticket) visa scheme.
The Small Business Development Agency (SBDC) of the Western Australian government said it had "identified and reported some integrity risks" involving a range of visas available to potential immigrants under the Australian Business Innovation and Investment Programme.
Australia's government 2012 year plan allows investors to invest at least $1.5 million in compliance over four years to obtain visas to live and work in Australia. Major investor visa (Significant Investor Visa) subclass applicants need to invest at least A $5 million within four years to obtain Australian citizen status.
An investment-immigration program that has generated about A $11.6 billion in revenue for Australia since its launch has met with sharp criticism from the Productivity Commission (Productivity Commission) and is undergoing a second round of scrutiny. Nearly 90% of the immigrants who obtained visas through the program come from China.
government adjusted its policies in 2015 to shift the required investment direction from real estate to venture capital. Last August, then-immigrant minister Gao Min (David Coleman) again launched a review of the plan. The current review by the Ministry of the Interior remains confidential.
However, under the Freedom of Information Act (FOI), the Australian Financial Review obtained a confidential document submitted to the Home Office for review of the immigration plan. According to the document, Western Australia government Agency warned that 132 visa risk. This visa subclass applies to entrepreneurs who receive at least A $1 million in venture capital funds. authorities has issued only 32 related visas since 2015.
"A number of jurisdictions providing nominations have expressed concerns about integrity ," said the WA government Small Business Development Agency. They are concerned that some venture capital funds and immigration intermediaries use tricks to create false visa applications. "
The Small Business Development Agency stated that the "deficiencies and deficiencies" in the overall plan were "at risk of being exploited by intermediaries and applicants ". The Department urged the Home Office to overhaul the plan to ensure that Australia would attract "suitable applicants ".
The Improvement Committee pointed out in a 2016 report that the investment immigration plan should be cancelled due to serious money laundering and exploiting loopholes in the system. The committee also pointed out that "intermediaries have a record of helping clients break through the boundaries of visa terms." These visas may become "a way to invest in'dark money' in Australia."
According to the Productivity Commission, the economic benefits of the visa scheme are "insignificant ", mainly by the holders of these visas and the fund manager.
The second round of the Home Office's review of the business innovation and investment migration program comes amid rising relationship tensions in Australia and China and the collapse of Gu Menghong's (Michael Gu) Fuyuan Group. Most of the group's money comes from wealthy Chinese investors involved in the visa program.
The interior ministry speaker said government was considering plans to invest in immigration in the context of the federal budget.
"Registered immigration agents have been found to have engaged in fraudulent activities in an attempt to abuse any procedure relating to Australian immigration law ," the department said. And they will face the Australian Immigration Association (OMARA) penalties, including disqualification. "
According to the Home Office, the Australian Investment Commission (Australian Investment Council), which grants registration to the scheme's venture capital funds, has a "rigorous mechanism ". It may, if necessary ," review, adjust and disqualify its members ".
