Australia will fast-track residency for people who can invest at least $5 million in the country, under new rules to be introduced by the Federal Government.
The Wall Street Journal reported that the visa regulation overhaul, announced by the center-left Labor government on Friday, was designed to attract investors and entrepreneurs.
Normally, would-be immigrants are assessed according to age, qualifications and English language skills, the WSJ wrote. They must also reside in the country for a period of time before they qualify.
However, from July 1, those able to invest in state and territory bonds, managed funds, or directly into Australian companies will receive concessional treatment when applying for permanent residency.
Several countries, including the UK, Canada, Singapore and New Zealand already allow migration on the basis of investment.
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