Australia Offers Residency To Woo Investments

By Neville D'Cruz MELBOURNE, May 25 (Bernama) -- Australia plans to offer wealthy businessmen a quicker pathway to residency visas as part of its scheme to woo investments. Immigration Minister, Chris Bowen, who will formally announce the scheme, said the government wanted to improve on the existing investment visa. "People who are willing to make significant investments in Australia will receive concessional treatment when it comes to permanent residency," Bowen told ABC radio Friday. Bowen said he expected about 7,000 business investment visas to be granted as a result of the changes. "I think we can attract people, particularly those who want to innovate, take risks, invest in areas which might have trouble attracting capital and help us create jobs and growth," he said. -- BERNAMA