The restriction of millionaire migrants has had a negative impact on angel investments in Australia. According to a June report, Australia was the fifth most preferred destination for millionaire migrants, with a net inflow of 2,500 wealthy migrants in 2023, marking a 35 percent increase over the past decade. However, in January, the Albanese government discontinued the millionaire migration program, known as The Golden Ticket, due to concerns over economic effectiveness and potential misuse for money laundering.
As a result, experts suggest that wealthy investors are now turning their attention to countries like New Zealand, Canada, and the United States, all of which have investor programs in place. Despite the visa program being scrapped, many investors still express interest in Australia.
Australia is considered one of The Safe Haven 8 countries, along with Switzerland, Singapore, the UAE, New Zealand, Malta, Monaco, and Mauritius. These countries are known for their high levels of safety and security, remaining largely shielded from global political and economic issues.
Experts argue that the restriction on millionaire migrants has also affected angel investments in Australia. The visa program required applicants to invest $5 million in a managed investment fund, with a portion going towards venture capital funding to support startups and small businesses. The discontinuation of this program has raised concerns about stifling innovation in the country.
There is hope on the horizon with the proposed National Innovation Program expected to be introduced by November 2024. This program is anticipated to provide a pathway for investors, potentially requiring migrants to be seasoned angel investors with a track record in venture capital.
While the future program may include stringent evaluations and monitoring, financial investment alone may not be enough. Factors such as proven business acumen, connections to Australia, and a history of innovation could play a crucial role in the new visa program.
Despite the challenges of starting anew, experts believe that a revamped migration program is essential for driving innovation and economic growth in Australia. With increased security concerns and the need for caution in allowing individuals into the country, a well-designed migration program is seen as vital for the country’s future prosperity. Please rewrite this sentence.
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