South African millionaires

(Sable International)

Australian economy booms thanks in part to South African millionaires

Australia’s “millionaire visas” have brought billions of dollars into the country.

South African millionaires

(Sable International)

Australia has been riding of the crest of a private investment wave over these past 12 months, as South African millionaires joined the thousands of rich foreign nationals taking their money Down Under.

Sydney Morning Herald report visa applications in the Business Innovation and Investment Programme, which includes investors with more than $1 million in business assets, jumped by 74% in 2016-17.

How many South African millionaires moved to Australia?

In total, 7 260 millionaires moved to the country in the last year. Just over 1.3% of those were Saffas – that’s 95 of our richest citizens.

Being a millionaire is the only way you can apply for the Innovation and Investment Programme. You’re expected to come over with at least AUD$1.5 million to invest, which is just under R15 million.

The cash flow coming into Australia is pushing the $100 billion mark. Over 90% of the millionaires migrating to the island were Chinese. Vietnam and Hong Kong also top the list of foreign wealth magnates settling in Oz.

How can I apply?

You can’t actually apply for the visa yourself. You have to be invited by an eligible government organisation. Only then can you start the process.

As well as having the right amount of money, applicants must have experience owning and operating businesses. So if you’ve won the lottery and you’re waiting to join Australia’s creme de la creme, this route isn’t for you.

All that’s required of overseas investors is that they are in the country for 40 days or more per year, and they aren’t even asked to complete an English language test in some fast-track cases.

What capital do I need for an Australian Business Innovation and Investment?

The AUD$1.5 million is the minimum requirement, but if you offer to put in a little more, you can upgrade the quality of your visa.

Those who can afford to put AUD$5 million into the country will be rewarded with Significant Investor status. If some generous soul decides they want to pump AUD$15 million into the economy, they’ll get Premium Investor status.