Australia to fast track millionaire visas

In an effort to strike while the iron is hot and grab millionaire migrants for itself, Australia is introducing fast-track visas for those willing to invest AU$5 million.

The new coalition government is committed to making it easier for millionaire investors and business-focused immigrants from the Middle East, India and China to negotiate immigration delays via the ‘special investor visa scheme’. According to immigration minister Scott Morrison, 400 wealthy would-be immigrants are standing by to invest AU$2 billion in the country.

Morrison is determined to slash the normal nine-month waiting period for application approvals before the millionaires decide to take their money, and the jobs it would create, elsewhere. He believes that encouraging the mega-wealthy to set up bases in Australia will encourage the transfer of all their wealth to the country in the long term.

However, the scheme has resulted in concern and criticism amongst organisations attempting to encourage immigration by much-needed medical professionals. CEO of Victoria’s Rural Workforce Agency Rod Jackson told the media he totally disagreed with it, adding that every would-be migrant should pass exactly the same entrance requirements.

He continued that the country needs people with training, not those who just want to buy their way in. There is still a huge skills shortage in the medical profession, he said, with the more remote areas especially in desperate need of specialists, nurses and doctors.

The new visas, specified as 888-class, have sparked interest amongst wealthy would-be residents, with 28 already issued. The first, a toy manufacturer from China, invested AU$5 million in government bonds in order to be able to bring himself, his wife and his young family to Victoria.