In a swift new initiative by the new Liberal government fronted by Tony Abbott, there will be changes made to the business investment visas to encourage international investment in the Australian economy.
Australia is planning to introduce a fast-track system for those willing to invest AU$5 million into the Australian economy in an effort to quicken processing timeframes and make it a more appealing business move for investors or those seeking to migrate to Australia for business purposes.
The Minister for Immigration & Border Protection, Scott Morrison, has released information that there are up to four hundred well-to-do aspiring migrants willing and waiting to invest a combined AU$2 billion into Australia.
Ordinarily, there is a nine month waiting period in place for would-be migrants looking to invest and acquire a business investment visa of some type.
The new plans to fast-track this nine month waiting period are set to discourage wealthy foreign investors from investing their money into alternative countries and creating jobs in another country.
The greatest concern is that Australia could have benefited from an investment from a foreign investor but was not quick enough to secure the venture.
Concerns have been raised surrounding the fast-track millionaire visa plans by other organizations stating that the plans favor millionaire visas over the average migrant.
Parties have raised the point that all aspiring migrants and applicants should be subject to the same entrance requirements.
Since the new business investments visas have been brought into action, 28 visas have already been granted. The first visa issued was granted to a toy manufacturer originally from China. He invested AU$5 million into government bonds and has been able to bring his wife and his young family to Victoria with him.