Australia sees rush of Hong Kong millionaires amid unrest

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Australia sees rush of HongKong millionaires amid unrest

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[SYDNEY] Australia is seeing an increase in interest in its millionaires-only visa programme from wealthy Hong Kong residents who are eyeing a safety net amid political turmoil in the Chinese-ruled territory, migration lawyers told Reuters.

Bill Fuggle, Sydney-based partner at law firm Baker & McKenzie, said there had been a rise in applicants for the A$5 million SIV programme."What I am hearing from my clients is there definitely has been an uptick in the number of SIV applications from Hong Kong," Mr Fuggle said."Anybody who can make an alternate plan is trying to do so."

Australia's New South Wales treasury department confirmed that the immigration team's letter was sent out to migration agents on Monday but declined to provide any further details, saying only that the increase was off a small base. The SIV now requires at least 40 per cent of the A$5 million to be invested in small-cap and venture capital funds while direct real estate investment is barred.

According to the latest data, China accounted for 87 per cent of the 2,022 SIV visas granted between November 2012 and June 2018, while Hong Kong stood a distant second at just 3.2 per cent.

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