
country. The visa helps its holder to invest money abroad. A typical applicant is a millionaire and invests around $4.73 million to qualify for Australian residency. The visa also helps to sidestep restrictions imposed by the Chinese government on converting the currency and sending it to foreign shores.
The visa has literally opened a money train into Australia. According to Baker & McKenzie LLP, a law firm, investments through this channel could be in the tune of $9.45 billion per year. Approximately $1,000 individuals have sent in their applications. Many more applications are to be expected after a similar program was canceled by Canada in February. The sheer numbers have compelled the Australian government to hasten the review...