Australia and Japan have recently taken steps to lure wealthy Chinese, in an effort to encourage investment and strengthen ties with the world’s number two economy.
The Australian government has announced plans to alter its immigration rules to allow applicants who invest at least A$15 million ($13 million) in Australian assets to be eligible for permanent residency after one year, in what will be known as a ‘premium investment visa,’ the BBC reported on Tuesday. The new visa will be introduced on 1 July next year.
“This move is a clear sign that the Australian government is actively seeking to encourage foreign investment. And the government clearly recognizes the opportunities that greater ties to Asia present to Australia,” said Paul Bloxham, chief economist at HSBC.
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