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Australia sees rush of Hong Kong millionaires amid unrest

#Australia sees rush of #HongKong #millionaires amid unrest

22.8.2019

Australia sees rush of HongKong millionaires amid unrest

[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. Read more at The Business Times.

The interest has coincided with the"beginning of the current unrest in Hong Kong", the department said, referring to a A$5 million (S$4.7 million) Significant Investor Visa (SIV) programme that provides direct residency to applicants.

"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 (VC) 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.

"Over the next two to five years, there could be a substantial impact on the property market as these individuals look to settle down and purchase, but for now, it is too early for that."

Read more: The Business Times

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