SKIP TO MAIN CONTENT

Asian millionaires 'buy retirement' Down Under

Relaxed migration rules are waving through foreign-born investors with $5 million to invest. But where exactly is that money going, and is it just a way for the super-rich to bypass the system? Andy Park reports.

4 min read

Published

Updated

By Andy Park

Source: SBS


Skip to article content

Australian migration visas are now on the market, like some of the massive houses lining the waterfront of Sydney's wealthy suburbs.

A $10 million waterfront mansion on Wonga Street in the northside suburb of Cremorne is being sold by realtor Sandy Dunne.

"A big interest sector is really Asian buyers, so it's our main target for this property," she said.

News that makes sense

Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

In fact, both her property and the government's new investor visas, are aimed at wealthy Asian-born investors with the ready cash to back it up.

Mrs Dunne points at the many-roomed modern mansions either side of the house.

“The neighbours either side [are] a Chinese family on this side and on this side there's a massive development about to commence and that's a developer from Beijing."

The Significant Investor Visa has the top-end real estate market hopeful, with up to 700 mostly Chinese millionaires expected to take advantage of the new scheme to bring in investment dollars.

"What we've found previously with legislation is that we've had Chinese buyers look and they've used their children who are students here, if they want to come and live in Australia there's normally a way but this makes it much easier for them to do it independently,"

The new visa relaxes immigration rules for those who can afford it.

There's no upper age limit, there's no English proficiency tests and visa holders will only need to stay here for 40 days a year.

It all opens the door to permanent residency here, especially for those who can afford a house it the tens of millions.

Migration lawyer Linda McCreath's high-end clients want to know about the new "Golden Ticket" visa.

She says there's been an increase in interest since the visa was announced - particularly from retirement-aged Chinese.

"We have a lot of enquiries from many different quarters. The new thing about the visa is you have a much lower requirement, from certain perspectives, if you have the five million dollars,” she said.

But the removal of an upper age cut-off, in return for investment dollars, means more retirement-aged migrants, those not necessarily inclined to entrepreneurship.

"Under the Significant Investor Program, they removed [an upper age limit] totally, so that if you have money, they are not even checking your credentials,” Mrs McCreath said.

Credentials like business innovation skills, entrepreneurship, or even where the money came from.

Around 30 per cent of the $5 million must be in state infrastructure bonds, the rest in managed funds or established companies.

But it's got some asking whether it's just a way for millionaires to jump the queue to retire down under.

Immigration Minister Chris Bowen says it's more than that.

"Most things in immigration are controversial in one way or another, you will always get people who like things, who don't like things," he said.

"The response from the business community has been overwhelmingly positive, this is a good thing, it will help with capital, with wealth creation, with job creation for Australians."

Mrs McCreath disagrees.

"I don't think it's going to create new jobs. There are very few visas under the Australia migration program that allow older people to migrate to Australia," she said.

It could be a golden ticket for those retiring in Australia in their golden years.


Get SBS News straight to your inbox

Sign up now for daily news from Australia and around the world. You can also subscribe to Insight's weekly newsletter for in-depth features and first-person stories.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Follow SBS News

Download our apps

Listen to our podcasts

Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS

SBS World News

Take a global view with Australia's most comprehensive world news service

Stream now

Watch the latest news videos from Australia and across the world