Australia witnessed a rise in the number of millionaires migration to its nation, with the number increasing dramatically to 7,260 in the past year.
There has been a rise in the number of people migrate to Australia, especially millionaire’s because Asian-led millionaire boom driving investment in Melbourne and Sydney.
New figure collated by the Australian Department of Home Affairs and the Federal Government migration report demonstrate a multibillion-dollar investment boost for the above nation, is speedily becoming the favored destination for thousands of wealthy individuals.
The growth recorded in Australia is very impressive and its well-developed markets helped in listing it, in the top 10 wealth per capita rankings worldwide.
The Federal Government report stated, usually nations that start from a “high wealth per capita base” find it difficult to record this type of wealth growth. It also revealed that applicants for the investment visa increased by 74.4%, from 9,051 to 15,781 for the financial year 2016-2017.
The applicants interested to apply for Business Innovations and Investment visa need to invest minimum AUD$1.5 million in Australia. The number of applicants for this program, which also includes investors with more than AUD$1 million in business assets, jumped 74% for the year 2016-2017, from earlier 5,781 to 9,051. Of those approved were 7,260 and for the year 2014-2015, it was 6,484.
As of March 2018, a fast track significant investor stream, for which the applicants are required to invest AUD$5 million in Australia has accepted 1,974 applicants.
The “significant investor stream” persistently pursues investors to stump investment for Australian bonds, shares as well as for venture capital projects. By March 2018, up to 2,000 have been approved, thus delivering an AUD$10 billion windfall to the Australian economy, even though a slowdown after the property was excluded from the category in 2015.
In the month of June 2018, the Business Council of Australia and Ernst & Young stated to a Senate Enquiry that, top income tax rate required to be trimmed to keep individuals having net-worth from tax havens such as Singapore.
As per the AfrAsia Bank report, it has been revealed that Australia far out spaced its Southeast Asian neighbor last year in attracting lucrative moneymakers. Singapore, with its very famous 15% tax rate, has attracted only about a thousand millionaires.
In a New World Wealth Survey of high-net-worth clients, the top reasons cited by the investors for choosing Australia is because it has a favorable climate, other top reasons include, it offers best education opportunities, safety for women and political security.
Australia boon experience for millionaire migration to its nation is because of the political instability of Brexit(impending withdrawal of UK from EU), the relative strength of the local healthcare system compared with the US and the absence of inheritance taxes.
The other key factors cited by wealthy Asians migrants behind their decision were Australia’s proximity to Asia and its time zone.
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