Australia opens door wider to wealthy migrants

Australia said on Tuesday it will introduce a "premium investor visa" to give immigrants permanent residency after a year if they invest A$15 million ($13.1 million) in the country.

The visa, which will be available beginning in July 2015, builds on the Significant Investor program under which people who sink A$5 million into Australia are granted a minimum four-year visa.

A total A$2.18 billion was invested in Australia through 436 participants in the Significant Investor program from its Nov 24, 2012, launch through the end of last month, the Australian immigration department said. About 88 percent of the visa holders are from China.