Australia to tempt wealthy British immigrants with London wine festival

Published:  13 Jun at 6 PM
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Oz’s new campaign to lure British millionaires to a new life will include an immigration fair in London featuring tastings of Victoria State’s best vintages.

Australian wines are highly regarded worldwide, with Victoria State’s vineyards some of the country’s best known for premium vintages. The government’s campaign aims to attract millionaire investors by demonstrating Australia’s upscale lifestyle exemplified by tastings of its fine wines.

An ever-popular emigration destination for British citizens, Australia regularly tops the polls in terms of weather, quality of life, healthcare and education. Around 12,500 skilled workers arrive every year, but the super-wealthy are hanging back in spite of the 2012 launch of a Significant Investor visa category.

The visa requires an investment of £2.7 million in government bonds, private companies or regulated, managed funds. Even with managers in place in millionaire hotspots such as Malaysia, mainland China and the UK, the response has been lukewarm.

Around 1200 applications have been received during the last two years, with Britain lagging behind with just a handful of interested super-wealthy individuals. In spite of Victoria’s fast-growing economy and fastest-growing city, Melbourne, only one British millionaire chose to relocate to the state as an investor.

As a result, the new campaign and the wine-tasting event have been advertised in investment and wine magazines, and its organisers have teamed up with wealth management company Morgan Stanley and Coutts private bank. The aim is to combine lifestyle with opportunities for investment, making an attractive package for high net worth Brits.

Victoria isn’t just targeting wealthy Brits, as the campaign’s first wine-tasting event took place earlier this month in Paris. The organisers reported a full house, but haven’t yet mentioned the number of French millionaires who’ve taken up the offer.
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