Independent Senator for South Australia, Nick Xenophon, will be moving legislative changes to Australia’s visa rules to encourage migrants to invest in the state.
Under the current Significant Investor Visa rules, a migrant can become a permanent resident if they have at least $5million to invest in a particular state, and maintain that investment for four years.
Senator Xenophon is proposing an amendment to the Migration Act to be introduced later this year, that will lower the threshold for the visa requirement from $5million to $2million if a state has regional migration status and population growth at least 30% below the national average.
The current average national population growth is 1.8%—South Australia at 0.9% is 50% below the national average, with the only state lower being Tasmania, at 0.1%.
“If you want to give this state a massive boost overnight, we need to change the Significant Investment Visa rules,” Nick said.
Senator Xenophon unveiled the plan at the SA Press Club ‘State of the State’ forum this afternoon.
“Just imagine what 3000 skilled investor migrants each with $2million would do for the state—it would be the equivalent to $6billion investment alone and a significant shot in the arm to start-up and existing businesses, and with it, a massive investment in investment and jobs.”