Leading fund manager Atlas Advisors Australia is urging the Australian Government to recognise the long-term benefits of foreign investors to the Australian economy by increasing incentives under the Significant Investor Visa scheme.
It comes as the February 14 deadline approaches for public consultation on the “Business Innovation and Investment Program: Getting a better deal for Australia”, including the settings for Investor visas and Significant Investor visas.
Executive Chairman of Atlas Advisors Australia, Guy Hedley said the fund manager entirely supported the review and the Federal Government’s objectives to maximise the opportunities and benefits to Australia from the program.
“The Significant Investor Visa program has brought in billions to the Australian economy, assisting the growth of Australian companies and startups, creating employment opportunities and increasing our exports,” Mr Hedley said.
“However the hard figures do not account for the longer-term economic and other benefits of the scheme.”
Mr Hedley said the economic impact of the SIV scheme was currently measured only across the four-year investment period of the visa.
“This does not account for the impact super wealthy migrants have on the Australian economy for the years after they obtain permanent residency,” Mr Hedley said.
“These new migrants not only pour billions of dollars into our economy, they also bring skills, expertise and experience that is assisting Australia to enhance its competitiveness in global trade and build better links with international markets. These effects last for generations.”
Aside from the SIV investment requirements, many applicants make additional investments to improve their knowledge of the business environment and build stronger connections to Australian communities.
“They also donate to charities to help people in need in and to help us better protect our environment,” Mr Hedley said.
With more than $1.7 billion of funds under management, Atlas Advisors Australia manages the investments of many of the highest net worth Chinese investors into Australia.
Mr Hedley urged the Australian Government to remain committed to the SIV program and to strengthen incentives for applicants.
