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What prompted a wealthy entrepreneur to spend A$1500 million in exchange for the right to live in Australia?

After the federal government quietly introduced a new investment immigrant visa, which will be piloted in the United States next year, everyone can't help but ask questions.

The Premium Investment Visa (PIV) was launched on July 7, providing Australian citizenship to wealthy overseas entrepreneurs who have invested capital and technology in Australia's innovative industries.

But how can Australia be sure that they will buy it?

Chinese are hardcore fans

So far, Australia has only provided a large investment visa (SIV) to the wealthy overseas. This visa does not require any skills. Instead, it requires applicants to invest A$500 million in Australia through a specific channel.

Since the start of the project, Australia has received 1679 applications, 90% of which are Chinese immigrants, most of whom yearn for NSW and Victoria. "Because of housing prices, most people are from China." Immigration lawyer Christian Dawson told news.com.au, "There are casinos here, just like in Sydney, where the quality of life is better. They are really here to start. New life."

Many financial investors who have established families hope that their children can receive education in Australian schools and universities, learn English, and grow up in a healthier and safer environment. Australia not only has the geographical advantage of being close to Asia, but also allows investors to avoid the domestic anti-corruption storm.

Australia wants talent

SIV provides people with "rich but no skills-business skills" with the opportunity to obtain Australian citizenship. Dawson said: "You just buy the admission ticket."

But now, the Albert government wants more.

"PIV requires applicants to have strong business skills that can contribute to the innovation of Australian society." Dawson said.

The PIV visa has more flexible investment requirements, but only those who have received an invitation from the Australian government have the opportunity to apply, and potential applicants will be nominated by the Australian Trade Bureau (Austrade).

The Bureau of Trade stated on its official website that it is looking for "a few highly talented and entrepreneurial people who can apply their skills and talents to areas that can promote Australia's economic development in the long term" and will "strictly select".

The requirements for the fields that candidate entrepreneurs are good at may change. Although a spokesperson from the Australian Trade Bureau told news.com.au, “Biotechnology is an area where Australia has already been somewhat innovative, but it has been difficult to attract Early investment like the US."

Trial in the U.S.

The United States is Australia's largest two-way investment market. It is only the starting point for this project. As time goes by, the project will also expand to other markets.

Dawson believes: “Neither SIV nor PIV are mainstream, otherwise Australia will only attract the rich. We want capital, we want skills, and we want innovation. The next year will determine whether we can truly have all of this."

News compiled from "News Australia"

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