Sydney, Oct. 21 (ANI): One of India's leading property tycoons Nirmal Singh Bhangoo has applied for an immigration visa to spend more time in Queensland, as his business interests in the country are expanding.
He could just be the first of many in a rush of super-wealthy from India to head Down Under, with Indian investment in Australia tipped to explode in coming years.
According to the Courier Mail, Bhangoo is one of the cashed-up Asian migrant the Commonwealth Government is targeting with its new 'significant investor visa' to be introduced on November 24.
Applicants who commit at least five million dollars in approved investments will be fast-tracked for residency.
Bhangoo, 58, is chairman of the Pearls empire which has become one of India's fastest-growing corporations since its launch two decades ago, the report said.
According to the report, the tycoon has also partnered with Queenslander developer David Devine to build five residential towers in Brisbane as well as housing projects in Victoria. (ANI)
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