The new Australian immigration minister Scott Morrison has said that he wants to fast-track 400 wealthy visa applicants for permanent residence. The 400 have applied for subclass 888 Significant investor visas and Mr Morrison believes that, between them, they have about AUS$2bn to invest in the Australian economy. He also says that he wants to 'reboot' the Significant Investor Visa so that it creates more Australian jobs.
The Significant Investor Visa was established in November 2012 by the previous Australian Labor government to try to attract international investment into Australia. So far, 28 Significant Investor visas have been granted. To qualify, applicants must have at least AUS$5m to invest in Australia. The investments must be made in investments approved by the Australian government.
There are another 400 people who have applied but have not yet had their applications approved. There is currently a nine-month waiting period before an applicant can receive an 888 visa but Mr Morrison says that he wants to cut this for fear that wealthy poeple will take their money elsewhere.