Wealthy immigrants under Australia’s significant investor visa (SIV) program are keen to diversify their investments in the country, with an increasing interest being shown in agriculture business, Morgan Stanley Wealth Management vice-president Stephane Cooper told Data Room.
Morgan Stanley is among the major banks that have tapped into this lucrative market since the Australian government introduced the visa program late in 2012. The bank has worked on 20 per cent of the 290 or so approved applicants so far.
There are about 1,000 applications outstanding now, and Mr Cooper expects to see an increase in the pipeline with a ripple effect from successful applicants.
“We are actually seeing families come in. The first person gets in, and then mum or dad might apply. We are now having families come through with us,” he said.
The pace of visa approvals has accelerated since the coalition government came to power and pledged to enhance the program to attract international investment. Chinese nationals account for most of the bank’s clients, but Mr Cooper said Morgan Stanley was also looking to other countries including India, Malaysia, Singapore and UAE.
Morgan Stanley hasn’t set up a new fund for these investors but is using existing funds, including cash funds, equity funds and a commercial property fund that proves very popular with applicants.
(Editing by miranda.maxwell@businessspectator.com.au)
Agriculture on wish list for significant investor visa holders
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