Visa Offers For Millionaires In Australia

07 May 2013

Australia has so far attracted 170 applications to a new program for developing foreign investment and offering millionaires overseas a residency right in return for a part of their wealth, in a proposal to help the nation compete better against other overseas countries.

The so-called investor visa was initiated in November 2012. If all the visas made so far are accepted, then most of the applications, believed to be from China, would convert into the investment of at least 850 million dollars of Australia (USD $877 million).

This program allows foreigners to settle in Australia for four years, in exchange of Australian $5 million minimum investment, during the stay. The money can be kept in state or federal bonds, Australian companies, managed funds, or in a combination of any of those assets.

The Australian 457 visa is for the individuals who are sponsored and nominated to employment in Australia for a temporary period. This allows foreigners to reside and work in Australia. This visa is a traditional visa given to most of the temporary foreign workers; this is distinct from subclass 188 investor visa.

Adding to this temporary investor visa subclass 188 for Australian business immigrants there is another visa which government has created is subclass 888. This new subclass is for Australian immigrants who are willing go in permanent basis.