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Why wealthy migrants should be welcomed with open arms

  • May 28 2020
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Invest

Why wealthy migrants should be welcomed with open arms

By Grace Ormsby
May 28 2020

There’s been a call for new investor citizens to be welcomed into Australia in an effort to prevent the serious economic impacts arising out of a severe fall in migration. 

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Why wealthy migrants should be welcomed with open arms

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  • May 28 2020
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There’s been a call for new investor citizens to be welcomed into Australia in an effort to prevent the serious economic impacts arising out of a severe fall in migration. 

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Atlas Advisors Australia’s executive chairman, Guy Hedley, has said that the Business Innovation and Investment Program (BIIP) should play a bigger part in Australia’s overall migration strategy. 

This would see priority given to higher-net-worth migrant investors. 

According to Mr Hedley, an increase in the number of high-net-worth applicants to the BIIP “could reduce the serious economic impacts of falling overall migration numbers”. 

He said wealthy applicants “bring far greater and longer-term benefits to the Australian economy that could help to prevent or lessen the impact of a drawn-out recession”. 

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Atlas Advisors has flagged that the BIIP comprises up to 6.862 places in 2019-20 – or just under 6 per cent of the total skilled migration stream. 

Mr Hedley is calling for prioritisation of an Australian government review of the BIIP in order to increase the economic benefits of the program “and unlock urgent funds needed to support growth post-COVID-19”. 

“The current cap on BIIP applications means Australia has shut the door to millions of dollars in funding that could assist Australia’s recovery,” he said.

“Australia should take immediate action to increase incentives for high-net-worth migrant investors and use these funds to support industries most in need, including troubled universities and start-ups.”

Why wealthy migrants should be welcomed with open arms
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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