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Credit Suisse PB Targets Wealthy Clients Seeking Australian Visas

Vanessa Doctor Asia Correspondent 12 June 2013

Credit Suisse PB Targets Wealthy Clients Seeking Australian Visas

Credit Suisse Private Banking has launched two new investment products aimed at high net worth individuals seeking significant investor visas in Australia.

Credit Suisse Private Banking has launched two new investment products aimed at high net worth individuals seeking significant investor visas in Australia.

An SIV is a permanent residency visa offered to individuals with the capacity of invest at least A$5 million ($4.7 million) into complying investments for a minimum of four years prior to applying for permanent residence. This was launched at the end of 2012 to attract potential migrants with a proven track record in business to help boost the local economy.

The two products are the SIV Fixed Income Portfolio and the SIV Income Oriented Portfolio. The former is composed of 100 per cent Australian government bonds and liquidity, while the latter is made up of 75 per cent government bonds and 25 per cent Australian equities. A dedicated SIV desk has been set-up with staff fluent in both Mandarin and Cantonese. It is headed by Edwin Tan, vice president of Credit Suisse Private Banking.

"These portfolios provide access to cash flow flexibility via margin and property loans through the Credit Suisse platform, capable of holding all tradable currencies including the Renminbi, Hong Kong dollar, US dollar and gold," said Tan in a statement.

In the 2012 Global Wealth Report by Credit Suisse, China is one of the largest producers of millionaires worldwide with its total number of high net worth individuals set to double to nearly two million by 2017.

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