Australia has emerged as a favorite destination for high net worth individuals to migrate. Australia has been the favorite destination for the last five years. Traditional destinations like the US and UK are no longer the favorites.
In 2019, 80,000 millionaires from around the world migrated from their home country which is a 20% increase from the migration figures in 2015.
Among the millionaire migrants, 12,000 preferred to move to Australia while 10,000 went to the US while Canada stood at third place with 4,000. One of the factors that make Australia a hot choice is its location. The country makes an excellent base for starting a business in emerging Asian economies like Hong Kong, Korea, Singapore, and Vietnam. The other factors that make millionaires decide in favor of Australia include:
- A robust economy
- A secure environment to raise a family
- Low-cost healthcare
- Strong school system
- No inheritance taxes
Apart from this Australia offers many visa options for High Net Worth Individuals (HNWIs) to set up business or invest in a business in Australia. The visa categories include Subclass 891 visa, the Business Innovation and Investment (Provisional) visa (Subclass 188) visa.
The Subclass 188 visa can be a pathway to permanent residency. One can apply for Australian PR visa if they have stayed on the Subclass 188 visa for at least one year and meet the financial requirements.
Another popular option is the Golden Investor visa. This visa was introduced in 2012. With this HNWIs can get a PR visa to Australia through investment immigration. Applicants must be willing to invest AUD 5 million in a specific structure to qualify for this visa. Although the investment is high, it is regulated and restricted.