Invest A$15m for Aussie PR status

Sydney

AUSTRALIA said on Tuesday it would introduce a "premium investor visa" to give immigrants permanent residency after a year if they invest A$15 million (S$16.7 million) in the country. The visa, available from next July, builds on the Significant Investor programme under which people who sink A$5 million into Australia are granted a minimum four-year visa.

"The government will reform the programme to encourage more high net-worth individuals to make Australia home," Prime Minister Tony Abbott said in a joint statement with the immigration and trade ministers.