Australia could bring in additional capital at a time when the economy particularly needs it by revamping the Business Innovation and Investment Program (BIIP) to attract high net worth investors from Hong Kong, according to Atlas Advisors Australia.
Atlas said the country needed to ramp up migration incentives for high net worth people seeking to leave Hong Kong amidst political tensions.
Atlas executive chair, Guy Hedley, said: “High net worth migrants from Hong Kong could bring long-term economic benefits to Australia.
“Importantly, their commitments under the complying investment framework go towards local tax-generating enterprises start-ups 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.”
Hedley noted the BIIP should be revamped to give priority to higher net worth migrant applications to Significant Investor Visa, Investor Visa and Premium Investor Visa.
“Reopening current applications could unlock around $100 million in urgently needed funds,” he said.