Millionaire’s Visa Aimed at Rich Chinese Faces Axe in Australia
- The special visa program requires investment of $3.4 million
- Home Affairs minister says not ‘a lot of reasons’ to retain it
Australia is set to review a visa for people who invest at least A$5 million ($3.4 million) in the country, with the home affairs minister saying she sees little reason to retain the program that has been criticized as providing a fast track for wealthy Chinese.
The Significant Investor visa is designed to attract funds into the country, with holders required to maintain their investment for the term of the visa, which can be up to five years.