Australia speeds up visa scheme to attract rich Chinese investors

Australia has taken steps to boost a visa scheme aimed at luring investment from wealthy Chinese, including speeding up approvals and expanding investment avenues, after complaints that disclosure requirements were too strict.

The two-year old Significant Investor Visa (SIV) scheme offers residency to overseas individuals who invest more than A$5 million (HK$34 million) in Australia under a programme the government hopes will eventually raise A$6 billion a year.

Since the scheme was introduced in 2012, more than 90 per cent of applicants have come from China.

Australia announced another visa scheme yesterday, offering residency to those who invest A$15 million for one year.

While the move ensures billions of dollars in investment for a country that is staring at a fading mining boom that powered its economy for more than a decade, immigration experts say the move is unlikely to attract large numbers of investors.

Chinese investors have been blamed recently for driving up property prices in Australia, forcing the government to set up an inquiry on affordable housing in the country.

Australia would maintain safeguards to ensure that the migration programme was not misused, Prime Minister Tony Abbott said.