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Sunday, July 27, 2014

Money Buys Visas

The Australian government has not made a secret of their draconian immigration controls to curtail the arrival of political refugees fleeing war and repression. They accuse these unfortunate people of not being genuine but merely economic refugees, seeking a comfortable life in Australia and they are locked up and treated like criminals.

The Australian attitude is very different and is, in fact, extremely welcoming for those who are real economic migrants - Chinese millionaires. Fund managers have jumped on the band-wagon of luring China’s wealthy to Australia using a new visa program, Significant Investor Visas. Invest at least A$5 million (US$4.7 million)  or invest in assets such as infrastructure, real estate and agribusiness, for four years and receive entitlement for residency in Australia. More than 1,000 people, almost all from China, have applied so far, and more are expected after Canada canceled a similar program in February amid a flood of applications. The number also may be boosted by a government review to hasten approvals. Australian banks are eagerly setting up special schemes to entice these economic migrants.
“The rich feel it is time to hedge their bets,” said Bill Fuggle, a partner at Baker & McKenzie in Sydney who advises immigrants and asset managers, “The closest option for them is Australia”.

A far different response from the launching of war-ships to turn away those without the option of buying safety or security.

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