The Minister for Immigration Mr Bowen, and the Minister for Financial Services, Bill Shorten, on Fri 25.5.2012, announced new Federal Government reforms to attract successful investors and entrepreneurs to Australia.
Mr Bowen said the Government would introduce in the 2012-13 program year a new visa program, the Significant Investor visa, targeting migrants who could make an investment of at least $5m in the Australian economy. He said the new visa would make it easier for investors coming to Australia by offering some concessions on visa requirements – such as not having to meet a points test and reduced residence requirements – in recognition of their meaningful investment contribution.
Investor options under consideration include state and territory bonds, ASIC regulated managed funds and direct investment into Australian companies.
Mr Bowen said the Government was also reforming the Business Skills visa program to attract more entrepreneurial talent and diverse business expertise to Australia.
Source: Minister for Financial Services media release No 027, 25 May 2012
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