Australia sees rush of Hong Kong millionaires amid unrest by Swatisays
SYDNEY - Australia is seeing an increase in interest in its millionaires-only visa program from wealthy Hong Kong residents who are eyeing a safety net amid political turmoil in the Chinese-ruled territory, migration lawyers told Reuters.
The interest has coincided with the “beginning of the current unrest in Hong Kong”, the department said, referring to a A$5 million Significant Investor Visa program that provides direct residency to applicants. The unrest has been fueled by broader worries about what many say has been an erosion of freedoms guaranteed under the “one country, two systems” formula put in place when Hong Kong returned to China in 1997. [nL4N25I1D6]
The SIV program used to be hugely popular with people from China, though recent strict investment requirements have somewhat dented its appeal. Data on applications received or visas granted in recent months was not available as Australia publishes these figures only annually.
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