Australia must ramp up migration incentives for high net worth people to attract top Hong Kong wealth seeking to leave the jurisdiction amidst tensions.
Executive Chairman of Atlas Advisors Australia Guy Hedley said many high net worth individuals in Hong Kong were turning to investor migration programs around the world to seek a new path in life.
Reopening Australia’s Business Innovation and Investment Program (BIIP) is critical to attract Hong Kong’s most wealthy investors, he said.
“Appetite for investment and migration in Australia from Hong Kong’s highest net worth individuals is ramping up,” Mr Hedley said.
“Australia must maintain a globally competitive migration program if it’s going to attract Hong Kong’s most wealthy investor migrants while also offering a safe haven to citizens in need.”
Reopening the BIIP could offset the economic impact of significant recent falls in migration and bring in additional capital at a time when the Australian economy particularly needs.
“High net worth migrants from Hong Kong could bring long-term economic benefits to Australia,” Mr Hedley said.
“Importantly, their commitments under the complying investment framework go towards local tax-generating enterprises startups and emerging companies that increase employment, innovation and market opportunities.
“It will also help to build stronger international business networks and partnerships that enhance building Australia’s competitiveness.”
The Australian Government’s current review of the BIIP was an important opportunity for reform to enhance the economic and social outcomes of the program for the national economy.
“The BIIP should be revamped to give priority to higher net worth migrant applicants to Significant Investor Visa, Investor Visa and Premium Investor Visa,” Mr Hedley said.
“Reopening current applications could unlock around $100 million in urgently needed funds.”