Recently, the Australian federal government announced a comprehensive review of the immigration system. In February next year, the 188C major investor visa known as the "golden visa" may be cancelled.
The first choice for the rich to immigrate to Australia
"Rich Visa"
The 188C Major Investor Visa, also known as the "Rich Visa", is a temporary residence visa specially established by the Australian government to attract applicants who can make huge investment contributions to the Australian economy and provide funds for major projects nationwide.
The 188C Significant Investor Visa is suitable for people with high assets and high incomes. As long as they invest at least 5 million Australian dollars in the fields specified by the policy, they can quickly immigrate, and the application conditions are extremely relaxed:
No age limit requirement;
no English required;
No commercial selection system (EOI) scoring;
Only need to live in the country for 40 days.
This saves worry and effort for high-income people, so many Chinese will immigrate to Australia through this type of visa.
Investment feedback contradicts government assumptions
Disadvantage disclosure
The 188C Significant Investor Visa was introduced in 2012 and it has been ten years since then. During this decade, there has been a lot of skepticism within Australia because most people applying for this visa share the following common characteristics:
01
Retirees and seniors over the age of 45
02
Get social benefits and pay extra taxes
03
Slightly low proficiency in English makes it difficult to play a meaningful management role in a growing company
A report last year by the Grattan Institute, an Australian public policy think tank, found 188C Significant Investor visa holders were spending $120,000 more on public services than they would pay in their lifetime tax.
All in all, the Australian government hopes that holders of the 188C Significant Investor Visa are high-net-worth individuals who continue to create local value.
China's rich become the main force
accounting for nearly 90%
According to The Australian, in the past ten years, more than 7,000 Chinese citizens have achieved Australian immigration through the 188C Significant Investor Visa, including 2,370 wealthy Chinese and more than 5,000 related family members.
The Chinese also almost swept this visa. According to data from the official website, as of 2020, 90% of the holders of the 188C Significant Investor Visa are Chinese. Among them, mainland China visa holders accounted for 85%, and Hong Kong visa holders accounted for 5%.
The same case is reflected in the Australian 132 Talented Entrepreneur Visa. More than 90% of the applicants for this one-step program to obtain an Australian green card are Chinese. However, because the applicant's investment feedback did not match the initial vision of the state government and could not better promote the development of local businesses and employment in Australia, the permanent closure was announced in July last year.
Australian investment immigration
What other options
There are 4 categories of Australian Business Innovation and Investment visas. In addition to the 188C major investor visa, the other three visas are also favored by Chinese people.
188A Business Innovation Visa
Age: under 55 years old;
English: IELTS 4 out of 5, or equivalent in other English tests;
EOI score: 65 points or above;
Bachelor of Engineering or Master of Business Administration academic requirements;
At least 3 years of business experience in a designated related field;
The family net worth is not less than 1.25 million Australian dollars;
The company's annual turnover is not less than 750,000 Australian dollars;
Operating the company in Australia for 3 years;
holding more than 30% of the shares.
This type of visa is suitable for domestic business owners or shareholders.
188B Investor Immigrant Visa
Age: under 55 (or exempt from the state);
English: IELTS 4 5s or equivalent (language fee waived);
EOI score: 65 points or above;
The family net worth is not less than 2.5 million Australian dollars;
More than 3 years of successful investment experience, and 1 year in the past 5 years has more than 10% of the shares in the business or has an investment market value of 2.5 million Australian dollars;
Invest AUD 2.5 million into compliant fund products (private equity funds/equity funds/other corporate debt funds).
This type of visa is suitable for successful domestic professional investors.
188E Investor Immigrant Visa
Age: under 55 (or exempt from the state);
English: IELTS 4 6s or equivalent;
Provide a relevant business plan and have a real intention to continue operating the project;
The applicant holds no less than 30% of the shares of innovative enterprises engaged in "recognized business practices";
Be recognised as an innovative ecosystem service provider by a state or territory authority.
This visa is suitable for entrepreneurs who carry out business activities in Australia.
In addition, 188A and E visas not only have certain requirements for assets, but also require applicants to start a business or operate a business in Australia. 188B requires applicants to have successful investment experience.
In comparison, the 188C significant investor visa threshold is extremely low, there is no age limit, and there is no need to have relevant experience or operate a company. It can be described as the first choice for high net worth individuals.
Although the current situation is not yet clear, the Minister of the Interior has already spoken, and the 188C major investment immigrant visa is likely to be cancelled or re-enacted.
However, the actual date and policy have not yet been released, which means there is still a buffer time before the official cancellation or remake. Applicants do not miss the opportunity to apply for the last time.
Cyprus
Turkey
Saint Kitts and Nevis
Greece
