Affluent Chinese immigrants are disapproving of the Australia Significant Investor Visa or SIV. This visa also is popularly known as Golden Ticket aimed at Chinese investors that invest 5 Million $ in Australia. It is now being disapproved by the affluent immigrants as their applications for this visa is at the lowest levels.
In 2016, the report of the Productivity Commission had recommended that the Australia Significant Investor Visa must be scrapped. This visa brought little advantage to Australia and was prone to money laundering, it added.
AUSTRAC the monetary intelligence agency for Australia had reported in 2016 that there were obstacles in the identification of the source of wealth and funds for SIV customers. This was because the wealth was often acquired in overseas jurisdictions, as quoted by the Guardian.
The SIV program is open to all overseas nationals. However, it is specifically targeted at investors from China as indicated by the visa number 888. Number 8 is believed to be auspicious in Chinese culture. It is designed to attract investors from China and is overwhelmingly used by them.
Around 87% of the SIVs offered since its launch in 2012 were obtained by the nationals of China. This visa offers a 4-year visa to individuals who make an investment of 5 million $ in specific complying Australian investments. This can then be converted into Australia PR.
The rate of SIVs in 2016-17 decreased significantly to about 34 per month. However, in the first 7 months of the fiscal year 2017-18, the rate of visas granted has lowered to just 13 per month.
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