SYDNEY, Feb. 10 (Xinhua) -- One of Australia's leading fund managers is urging the Australian government to improve its Significant Investor Visa Program, in order to boost local business growth and the startup sector.
The program has brought in over 10 billion Australian dollars (6.7 billion U.S. dollars) to the economy since 2012 when it was introduced. Executive Chairman of Atlas Advisors Australia Guy Hedley said on Monday that there needs to be greater incentives for applicants.
"Tweaks to improve the system could include extending the significant investor visa period from four years to five years which would equate to a 20 percent increase in economic benefit without changing the asset mix," he said.
"Alternatively, investors riskier exposure to emerging companies and venture capital could be increased with a reduced visa period of three years rather than four years."
Currently under review by the Department of Home Affairs, the scheme provides migrants with over 5 million Australian dollars (3.35 million U.S. dollars) to invest, a streamlined pathway to permanent residency.
"The federal government is working hard to maximize the opportunities and benefits to Australia from the program," Hedley said.
"The best way to achieve this is through ongoing collaboration with key industry participants after the public consultation period for the inquiry closes on Feb. 14."
With the program attracting around 180 applicants per year, Hedley added that these future citizens are pouring millions into the Australian economy without any certainty about their applications.
"This is boosting local businesses and funding startups in important areas such as health and technology as well as lifting Australian exports, employment and international trade connections," he said.
"With a love of Australia's people and environment including its unique flora and fauna, many investors are contributing significant funds to assist charities including the bushfire recovery efforts."
"Australia's migrants make an important contribution that has a lasting impact on the growth of our nation."
