Australia has launched a new visa called ‘Golden Ticket’ which is intended to welcome wealthy migrants who are willing to invest millions in the country.
This will allow foreigners obtain permanent residency as long as they have at least AUD$5 million (SGD$6.4 million) to invest. However, the money must be invested in certain assets that are based in Australia including government bonds, managed funds, and infrastructure projects.
The Significant Investor scheme will fast-tracked a visa application of migrants even if they fail the points system. Also, applicants do not need to pass the usual English requirements (IELTS), can be of any age, do not need to have business skills or specific education levels, and are only required to stay in Australia for 40 days a year for 4 years.