For New Zealand, normal rules apply and you cannot invest in property unless it is in a new development. Passport does not play a role.
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What investment immigration options do non-BNO Hong Kongers have in Australia/New Zealand?
We are young professionals in our 40s with two kids looking to move from Hong Kong permanently. What investment immigration options do non-BNO passport holders in Australia/New Zealand? Would our applications also get priority like they do for BNO ones? Can we invest in property?
Answers
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Australia has made special provisions for Hong Kong non-BNO passport holders who would like to migrate here to invest, work, study or start a business. The government is also committed to prioritising processing of visas from Hong Kong. The 188 Business Innovation and Investment program is a provisional visa program that offers a range of choices in four different streams for investors and businessmen to explore based on one's financial assets, business/investment background and ability to invest. You have to first fulfill the various requirements while holding your temporary visa subclass, to qualify for permanent residency visa application. You can either invest through an approved investment management fund, which includes a variety of investment frameworks specified by the government, or you can invest in setting up a new business or takeover an existing business. As of July 1, 2021, the changes now involve a shorter time frame of three years for eligibility for permanent residence application for the subclass 888 visa. You can invest in new property development for some states under the business innovation stream 188A but you are required to meet minimum turnover levels and other conditions. Other investment streams will not recognize direct investment into properties under individual names as a complying investment but this investment type can only be made through a licensed fund manager under an approved management fund.
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Processing priority will be given to both Hong Kong and BNO passport holders applying for investment migration under subclass 188 visas to Australia ahead of other cohorts. New Zealand's Investor 1 and Investor 2 visas are already under priority processing for all applicants.
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There are no specific investment pathways for Australia or New Zealand for Hong Kong citizens; however, Australia will priority process applications. New Zealand will process but not finalize investment migration applications for anyone outside of New Zealand and the processing for the prior steps is unfortunately very slow currently. For Australia, the investment options are 2.5 million Australian dollars under the 188B Investor where funds have been source from business or investment activity (not from salary or other sources), or 5 million Australian dollars under 188C Significant Investor and the funds can come from any legal source including salary, investments, gifts etc. For both these options the investments must be made into structured funds which include 20% in venture capital, 30% in shares, and the remaining 50% in remaining (balancing) fund. There may be opportunities to invest in REITs and commercial properties in the balancing fund but no practical options for residential property. For New Zealand, the investment options are 3 million New Zealand dollars (which can be reduced to 2.5 million New Zealand dollars) for four years, or 10 million New Zealand dollars for three years. For both these options the investments can be made in a range of acceptable investments which includes both commercial and residential property. The limitation for residential property is that it must be a new development only.
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The immigration minister has announced that processing priority will be given to Hong Kong and BNO passport holders applying for temporary and permanent skilled visas ahead of other cohorts; this includes the 188 Business visas. The 188B Investor and 188C Significant Investor visas both require investment into complying investments, but not directly into property. The investments need to be made through a fund manager as part of a managed fund. The 188A Business Innovation does allow investment into a Property Development business but only in certain states. This option involves the development of new projects and their sale to meet the turnover requirements for the permanent visa.
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Good choice in migration. New Zealand is simpler in that you invest NZD $3m or $10m. Conditions apply but loosen as you increase investment size. That is the general rule applicable for Australia, too. Australia has investment programs requiring you to invest AUD $1.25m, $2.5m, $5m and $15m. Again, scaling conditions apply. Generally, real property investment would be a private investment outside of the scope. Though you may be able to choose equity funds which have a portfolio related to indirect real property investments, it will either be capped or prohibited in the investment scheme. Depending on your resume, there may be cheaper and better options.
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