SYDNEY, March 6 (Xinhua) -- As Canada announces a crackdown on migration investment, Australia's largest state, New South Wales ( NSW), has seized the initiative Thursday, announcing a broad relaxation of migration requirements, including the streamlining of two core business and retirement visas.
State Deputy Premier and Minister for Trade and Investment, the Hon. Andrew Stoner MP, told a select group of business leaders that the changes make NSW an even more attractive environment for investors. "By streamlining requirements for NSW nomination for these visa pathways, we are giving potential investors and entrepreneurs from overseas even greater confidence that NSW is open for business and ready for business,"Stoner told Xinhua.
Dr Caroline Hong, a cross-border SME expert and Chief Executive of CH Asia-Australia, told Xinhua that the "Investor Retirement subclass 405" visa is now more accessible for people over 55 years old who have no dependents and want to live in Australia during their retirement years. "My feeling is they have woken up to traditional Chinese family values. Its not a mere question of economy -- its about making sure the family unit, as exemplified in China, is not separated by red-tape."
The move is being applauded by Dr Hong and the Australia-China business community, as a "watershed moment" for international business leaders that are often moved to sacrifice family ties in building a better life for those they leave behind.
Dr Hong told Xinhua the removal of cumbersome obstacles in the streamlined NSW Migration Strategy -- comprising of seven key priority action points -- will result in a new wave of investment from China.
The state government's efforts to boost high-value migration are already super-charging the NSW economy, with the Commonwealth' s Significant Investor Visa already generating a 155 million for the state.
So far, a total of 308 applications have been nominated for the SIV, with 54 NSW applications approved representing 155 million dollars invested in "Waratah" Bonds.
A significant jump is anticipated with nominations under the NSW skilled visa program likely to increase almost four-fold, from 600 two years ago to 4000 in the coming financial year.
Andrew Martin, Sydney-based director of Investment Bank Moelis and Co., told Xinhua that the SIV program is increasingly popular in China and Asia as Australia ripens as a global safe haven.
"The advantage here, having worked closely with the Minister on creating this investment architecture, is that in addition to government bonds, visa holders can access Australian funds -- and of course property," Martin said.
According to industry sources, the property and bond funds managed by Moelis & Company are market leaders and most popular funds in China.
Martin was part of a delegation that pioneered the SIV program and first SIV fund.
He told Xinhua that his fund had already attracted several hundred million dollars from SIV investors by "offering a low risk investment in Australian commercial real estate and bonds whilst delivering stable and strong returns".
A spokesman for Australia China Business Week (ACBW), Ray Evans, told Xinhua that the annual business matching and networking roadshow will be leading a delegation of SMEs from NSW to its sister state of Guangdong in May.
"To describe this as timely is something of an understatement. Its a clarion call -- NSW is open for business -- and frankly, with the ACBW 2014 in Guangzhou (May 26-28) and in Shanghai (May 20-30) we're going to see a flood of interest in bilateral SMEs chasing these opportunities with meaningful business outcomes, rather than red-tape, the name of the game."Evans said.
Stoner's office confirmed that the changes come into effect immediately. "Yes. There's going to be some delight about that too," Stevens said.
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