Late last year the Government introduced two new classes of visa designed to incentivise foreign investment in Australia. High net worth individuals who intend to invest, or have invested, at least A$5 million in certain classes of assets can now apply for provisional and permanent visas in Australia. There are no English language or maximum age restrictions, although there are certain restrictions on the type of investment which can be made.
For foreign investors this creates a good opportunity to invest in a safe market which has been insulated from many of the effects of the global financial crisis, and to obtain a right to live and work in Australia.
Foreign investors should also check before making an investment in Australia whether approval for the investment is required from the Foreign Investment Review Board, and whether any stamp or mortgage duty is payable if the investment involves property.
For further information please contact:
Alistair Jaque, Partner
Phone: +61 2 9233 5544
Email: afj@swaab.com.au
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