The number of wealthy immigrants to Australia soared to 7260 last year (Sydney Morning Herald)
According to the Sydney Morning Herald, according to new data from the Home Affairs Department, the number of wealthy immigrants to Australia surged to 7260 last year, mainly Asian Americans, bringing billions of Australian dollars in investment growth to places such as Sydney and Melbourne. Also hit back "Australia income tax is high, block international investor" view.
In FY17, visa applicants for business innovation and investment project (Business Innovation and Investment Programme), including investors with more than A $1 million in business assets, rose 74 percent to 9051 from 5781. Of these, 7260 were approved, compared with only 6484 in FY14 / 15.
As of March 2018, as many as 2000 "major investor visa (SIV)" under the project had been approved, injecting A $10 billion into the Australian economy. This category allows the government to exchange residency for foreign funds for local projects, granting visas for at least 40 days. Applicants are required to invest up to A $5 million in Australian bond, equity and venture capital projects, waiving immigration tests for education, English proficiency and job qualifications. However, after the real estate industry was removed from this category in 2015, the number of applications fell. In June, (Business Council of Australia) and Ernst & Young, Australia's business council, said in a Senate inquiry that Australia needed to cut the top tax band to prevent the flow of high net worth people to tax havens such as Singapore.
However, Australia outperformed Southeast Asia last year in terms of attractiveness to the rich, according to a survey of one hundred and fifty thousand high-net-worth clients by (AfrAsia Bank), an Asian-African bank. Educational opportunities, a pleasant climate, women's safety, and political stability have been cited by investors as the top reasons for choosing Australia.
"the rapid growth of [rich migrants] in Australia and New Zealand is particularly impressive, given that these countries are already quite developed markets-both of them are among the top 10 per capita wealth in our world," the report said.
Australia's net inflow of millionaires reached 10,000 in 2017, the report said. The Home Affairs Department confirmed that the difference between government data and bank reports could be that "high-wealth people may also be approved through other visa categories (other than business innovation and investment projects)."
Daley (John Daley), director of (Grattan Institute) at the Gratham Institute, a think-tank, said: "Last year, even without a demographic correction, the number of rich immigrants in Australia was higher in absolute terms than in any other country. This year, Australia's highest marginal tax rate was relatively high (45 percent) and only relatively low income (A $180000 a year) was cut. Singapore, which is known for its 15% tax rate, attracts only 1000 wealthy people. "
