Cash for visas: Australia tops

Australia now ranks equal top – with NZ and Singapore – in a listing of 25 of the world’s most prized ‘golden visa’ programs when judged on time-to-citizenship and reputation.

Chinese billionaire Huang Xiangmo.

Australia now ranks equal top – with New Zealand and Singapore – in a listing of 25 of the world’s most prized “golden visa” programs when judged on time-to-citizenship and reputation, according to leading London-based investment visa agency Henley & Partners.

Cyprus and Panama, renowned for handing out citizenship to Russian kleptocrats, come in equal 11th. The dubious honour comes after The Australian revealed that while more than 7000 Chinese citizens have been granted $5m “Significant Investor” visas – effectively buying a pathway to Australian citizenship – not a single applicant has been ­rejected under the character test designed to help exclude criminals or those with suspiciously obtained wealth.

In the wake of the revelations Transparency International Australia has called for golden visas to be abolished, saying fast-track ­investment migration schemes are riddled with corruption.

TIA chief executive Clancy Moore said golden visas encouraged those involved in corruption to wash their dirty money through Australia’s financial system and real estate market.

“The lure of investment potential in the local economy should not blind our government to the risk of assisting corrupt and criminal enterprise to secure a footing in Australia,” Mr Moore said.

“The revelations in The Australian about golden visas are a timely reminder that corruption takes many forms. There are loopholes throughout our financial and governance systems that we need to address.”

Property tycoon and high-roller gambler Michael Gu fled Australia in 2020 after raising more than $100m from unlucky Chinese investors in the significant investor visa scheme.

The Henley Residence Program Index is compiled annually by the company’s country risk specialists and citizenship lawyers. The Index allows investors to select up to three factors “that matter most to them and their families” to choose the most ­appropriate country, including reputation, tax, processing time, investment requirements and time to citizenship.

On the prized criteria of “time to citizenship” – about five years under the Significant Investor scheme – Australia ranks second only to Singapore, with Cyprus and Panama equal third. When combined with “reputation”, Australia shoots to first ranking.

Henley identifies the relatively short time to citizenship as a key benefit of Australia’s investment visa program.

The company, whose chairman Christian Kälin has been dubbed the “Passport King”, has offices in 35 countries including Australia and boasts of being the global leader in arranging residency and citizenship by investment. “In an unsettled, ever-changing world, wealthy individuals need a Plan B for themselves and their families — one that ­offers them a safer place to live in times of crisis,” Henley says.

“Having options is an essential part of any family’s insurance policy for the 21st century. The more jurisdictions a family has access to, the more diversified its assets and the lower its exposure to both country-specific and global volatility will be.”

Henley has come under scrutiny following a series of scandals involving citizenship-by-investment schemes in Malta and ­Cyprus.

The company’s Private Wealth Migration Dashboard tracks the movement of more than 150,000 high wealth individuals, showing the projected inflow and outflow of millionaires in 2022. Australia ranked second highest for net inflows of millionaires (3500) after UAE (4000). Russia topped the list of net outflows, with 15,000 millionaires ­expected to leave the country this year, followed by China with 10,000 departures.

Online ads from immigration specialist AOYE. The Australian is not suggesting any improper conduct by the company.

Figures obtained by The Australian show 2370 super-rich Chinese nationals have been granted primary visas over the past decade, along with more than 5000 family members, under the Significant Investor Visa scheme, which requires a minimum investment in Australia of $5m and confers an automatic right of permanent residence.

At least 600 high net worth Chinese nationals have acquired Australian citizenship under the red carpet program.

Investors can gain citizenship even if they spend only 40 days a year in Australia. There is also no upper age limit.

None of those who applied for the high wealth visa has failed the “character test” since the scheme was introduced in 2012; 23 were refused for failing to provide ­accurate information.