Australia remains the preferred destination for millionaire migrants
The number of millionaires streaming into Australia has surged to 7260 in the past year, new figures show, delivering a multibillion-dollar investment boost as Australia becomes the destination of choice for thousands of the world’s wealthiest individuals.
The Department of Home Affairs data challenges claims that Australia’s high-income tax rate is discouraging international investors as an Asian-led millionaire boom drives investment in Sydney and Melbourne.
Visa applications in the Business Innovation and Investment Programme, which includes investors with more than $1 million in business assets, jumped by 74 per cent in 2016-17 up from 5781 to 9051. Of those 7260 were approved, compared to 6484 in 2014-15.
In the same category, a fast-track visa allows the government to plough foreign cash into local projects in exchange for residency rights in as little as 40 days without the person passing an immigration test of their education, English proficiency and employment qualifications.