Chinese millionaires snub Aussie stocks-for-visa programme
Old system in place since 2012 drew over 1,600 applicants, mostly from China; only 19 applied since new rules in July
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Sydney
CHINESE millionaires who happily invested in Australian bonds and real estate to get residency visas are turning up their noses at small-cap stocks.
Just 19 people have sought permits since Australia overhauled requirements for its investor visas in July by forcing applicants to put at least A$1.5 million (S$1.5 million) of the A$5 million they need to spend in the country into smaller equities and another chunk into venture capital. The old system - which was in place since 2012 and drew more than 1,600 applicants primarily from China - let them choose low-risk government debt or popular property investments.
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