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13-10-2014, 11:16 AM
Foreign investor visa program to get restrictions: report
STAFF REPORTER OCTOBER 13, 2014 7:00AM
Foreign investors looking to secure Australian visas will have to target their money at areas of priority to the Australian economy, The Australian Financial Review reports.
Under the previous Labor government, foreigners with $5 million to invest over four years could secure a visa. The ‘Significant Investor’ visa program was designed to increase foreign investment.
The AFR has learned the investor scheme will be altered to push money towards certain areas of the economy.
The move comes ahead of the government’s National Industry Investment and Competitiveness Agenda, which is to be released on Tuesday. The newspaper says the areas to be targeted include agribusiness, energy, mining technology, medical technology and advanced manufacturing.
Meanwhile, Australia’s appeal as a foreign investment destination has taken a hit in recent years from a variety of factors, according to a paper from the vice-president of the peak Australia-Japan business body.
The Australian says the report claims the divisive political climate, minor party control of the Senate, NSW corruption scandals and the rise of community campaigns could combine with the high currency, high wages and red and green tape to turn off Japanese investors.
The report comes from the Australia Japan Business Co-operation Committee.
STAFF REPORTER OCTOBER 13, 2014 7:00AM
Foreign investors looking to secure Australian visas will have to target their money at areas of priority to the Australian economy, The Australian Financial Review reports.
Under the previous Labor government, foreigners with $5 million to invest over four years could secure a visa. The ‘Significant Investor’ visa program was designed to increase foreign investment.
The AFR has learned the investor scheme will be altered to push money towards certain areas of the economy.
The move comes ahead of the government’s National Industry Investment and Competitiveness Agenda, which is to be released on Tuesday. The newspaper says the areas to be targeted include agribusiness, energy, mining technology, medical technology and advanced manufacturing.
Meanwhile, Australia’s appeal as a foreign investment destination has taken a hit in recent years from a variety of factors, according to a paper from the vice-president of the peak Australia-Japan business body.
The Australian says the report claims the divisive political climate, minor party control of the Senate, NSW corruption scandals and the rise of community campaigns could combine with the high currency, high wages and red and green tape to turn off Japanese investors.
The report comes from the Australia Japan Business Co-operation Committee.