appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

Reuters

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 international financial centre, migration lawyers said.
The New South Wales state migration department “has noticed a significant increase in applications” from Hong Kong in recent months, it said in a letter to agents this week.
The interest has coincided with the “beginning of the current unrest in Hong Kong”, the department said, referring to a A$5 million (US$3.4 million) Significant Investor Visa (SIV) programme that provides direct residency to applicants.
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.
Singapore becomes an option for Hongkongers amid political crisis
“What I am hearing from my clients is there definitely has been an uptick in the number of SIV applications from Hong Kong,” Fuggle said.
“Anybody who can make an alternate plan is trying to do so.”




Protests in the city erupted in early June over a now-suspended bill that would have allowed criminal suspects to be extradited to mainland China for trial.
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.
In the letter, the department assured agents it was committed to providing “appropriate support” to help them discuss migration options with their clients.
The SIV programme used to be hugely popular with people from mainland China, though recent strict investment requirements have somewhat dented its appeal.
Portugal: a new home for those who fear Hong Kong’s fate?
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.
“Money is also moving out but Australia is probably not your first choice to park wealth … it’s a high tax jurisdiction. I suspect we’ll get more people than money here,” Baker & McKenzie’s Fuggle said.
Data on applications received or visas granted in recent months was not available as Australia publishes these figures only annually.
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.
Hoax Chinese police cars on streets of Australia spark alarm
Juwai.com, China’s largest international property website, had seen “some increase” in demand for Sydney property by Hong Kong buyers since the unrest began, Executive Chairman Georg Chmiel said.
“Purchasing real estate is not the first step in coming to this country. More important is to obtain legal residency,” Chmiel said.
“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.”
Connect with us on Twitter and Facebook


Ukraine sees path to Japanese arms after Tokyo eases export rules

Meet Lady Colin Campbell, who criticised Meghan Markle during her Australia tour

Riot erupts over Australian indigenous girl’s suspected killer

Iran war tests India’s Brics leadership as ‘political relevance’ questions mount

Australia

Australia sees rush of Hong Kong millionaires as unrest rumbles on

There has been a rise in applicants for Australia’s SIV programme from Hong Kong. Photo: Alamy

Have Singaporeans misunderstood the nature of Hong Kong protests?

A protester walks through billowing tear gas outside a train station in Wong Tai Sin on August 4, 2019. Photo: Sam Tsang

FILE - In this July 28, 2019, file photo, protesters use umbrellas to shield themselves from tear gas fired by policemen as they face off on a streets in Hong Kong. China’s central government has dismissed Hong Kong pro-democracy protesters as clowns and criminals while bemoaning growing violence surrounding the monthslong demonstrations. (AP Photo/Vincent Yu, File)

Demonstrators walk on the street during a protest in the North Point district of Hong Kong, China, on Monday, Aug. 5, 2019. Hong Kong leader Carrie Lam warned of a "very dangerous situation" as protesters moved to shut down the Asian financial hub with a general strike on Monday after a ninth straight weekend of unrest in opposition to China’s tightening grip.. Photographer: Paul Yeung/Bloomberg

FILE - In this Aug. 5, 2019, file photo, a protester throws back a tear gas canister during demonstrations in Hong Kong. China’s central government has dismissed Hong Kong pro-democracy protesters as clowns and criminals while bemoaning growing violence surrounding the monthslong demonstrations. (AP Photo/Vincent Thian, File)

A demonstrator holds a sign reading "Let Hong Kong be Hong Kong" in the arrival hall during a protest at the Hong Kong International Airport in Hong Kong, China, on Friday, August 9, 2019. Hong Kong’s airport bolstered security as protesters began a three-day sit-in at the arrivals hall of its main terminal, kicking off a 10th straight weekend of anti-China demonstrations. Photographer: Paul Yeung/Bloomberg

Hongkongers’ turn to Malaysia’s second home programme as protests persist

The Petronas Twin Towers in Kuala Lumpur, Malaysia. Photo: Handout

FILE PHOTO: A view of the Kuala Lumpur city skyline in Malaysia August 15, 2017. REUTERS/Lai Seng Sin/File Photo

Pro-Hong Kong group clashes with rival protesters in Melbourne as rallies take place across Australia

Pro-Hong Kong and pro-Beijing supporters clash at a Melbourne rally. Photo: Edouard Morton

Pro-Hong Kong, pro-Beijing supporters clash at Melbourne rally. Photo: Edouard Morton

Carrie Lam can defuse the Hong Kong protests by taking on the property tycoons

The protests may have been triggered by politics but economic woes such as unaffordable housing helped foment the discontent. Photo: Bloomberg

(L-R) Paul Chan Mo-po, Financial Secretary; and Chief Executive of Hong Kong, Carrie Lam Cheng Yuet-ngor, meet the press at the Central Government Offices, Tamar, in regards to the economic slump as a result of the anti-extradition bill protests. 09AUG19 SCMP / Felix Wong

Image of construction sites at Kai Tak, taken from San Po Kong. 23JUL19 SCMP / Felix Wong

Aerial view of the Hong Kong Golf Club in Fanling. Task Force on Land Supply announces that developing a fifth of the 172-hectare course in Fanling is one of eight options to tackle the city's housing crisis. 20FEB19 SCMP / Winson Wong

News

Asia

Australasia

Hong Kong


The New South Wales state migration department said there is a rise in applicants for the millionaires-only visa programme
China’s largest international property website has also seen ‘some increase’ in demand for Sydney property by Hong Kong buyers



The New South Wales state migration department said there is a rise in applicants for the millionaires-only visa programme.


Hong Kong protests

Hong Kong extradition bill

China-Australia relations

Asia housing and property