Australia announced its decision to end a major visa programme that was targeted at attracting wealthy investors.

Affluent overseas investors were granted the right to live in the country under the plan dubbed as "golden visa" scheme.

The Australian government decided to terminate it in an immigration overhaul after it was found that the visa programme was not delivering the desired economic outcomes.

Home Affairs Minister Clare O’Neil, on Monday (Jan 22), released a statement saying, "It has been obvious for years that this visa is not delivering what our country and economy needs."

“The investor visa is one of many aspects of the system which are reforming to create a system which delivers for our country,” the Home Affairs Minister added.

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Australia’s centre-left Labor government, in the month of December, unveiled a new immigration plan that was designed to reduce the number of new arrivals in the country to pre-COVID levels.

It also focused on creating more visas for the skilled migrants who were capable "of making outsized contributions to Australia" and could fill up the growing gaps in the world's sixth-largest country's economy.

The scheme has over the years been critiqued over "corrupt officials" exploiting it to "park illicit funds".

Unlike other visa schemes, the golden visa did not require people to speak or learn the English language and did not have any age limit. However, it was mandatory for the people seeking permanent residency to invest a total of $5 million in Australia.

<h2>85% of successful applicants came from China</h2>

The critics have long argued that the visa scheme created a swift path for Chinese millionaires into the country, who comprised more than 85 per cent of the successful applications.

As per local media reports, the visa subclass was given the number 888, which stands for ­triple good luck in Chinese ­numerology.

First launched in the year 2012 by then-Minister for Immigration and Citizenship Chris Bowen, the Business Innovation and Investment Program (BIIP) was first divided into two categories, the Business Innovation Stream and investor streams.

As per the Home Affairs Department, since 2012, over 100,000 overseas migrants have made use of the program to gain residency in the country.

O’Neil in the year 2022, had hinted at plans to review the visa scheme.

“It’s actually costing us on average for every person, because these are people who are generally coming in at quite a late stage of their life, often at the end of their business career and coming to Australia, basically to settle down and retire,” she said at the time.

(With inputs from agencies)

Australia announced its decision to end a major visa programme that was targeted at attracting wealthy investors. Affluent overseas investors were granted the right to live in the country under the plan dubbed as "golden visa" scheme.

Australia announced its decision to end a major visa programme that was targeted at attracting wealthy investors. Affluent overseas investors were granted the right to live in the country under the plan dubbed as "golden visa" scheme. The Australian government decided to terminate it in an immigration overhaul after it was found that the visa programme was not delivering the desired economic outcomes. Home Affairs Minister Clare O’Neil, on Monday (Jan 22), released a statement saying, "It has been obvious for years that this visa is not delivering what our country and economy needs." “The investor visa is one of many aspects of the system which are reforming to create a system which delivers for our country,” the Home Affairs Minister added. Also read: Japan's Moon sniper switched off, space agency says data transmission completed Australia’s centre-left Labor government, in the month of December, unveiled a new immigration plan that was designed to reduce the number of new arrivals in the country to pre-COVID levels. It also focused on creating more visas for the skilled migrants who were capable "of making outsized contributions to Australia" and could fill up the growing gaps in the world's sixth-largest country's economy. The scheme has over the years been critiqued over "corrupt officials" exploiting it to "park illicit funds". Unlike other visa schemes, the golden visa did not require people to speak or learn the English language and did not have any age limit. However, it was mandatory for the people seeking permanent residency to invest a total of $5 million in Australia. 85% of successful applicants came from China The critics have long argued that the visa scheme created a swift path for Chinese millionaires into the country, who comprised more than 85 per cent of the successful applications. As per local media reports, the visa subclass was given the number 888, which stands for triple good luck in Chinese numerology. First launched in the year 2012 by then-Minister for Immigration and Citizenship Chris Bowen, the Business Innovation and Investment Program (BIIP) was first divided into two categories, the Business Innovation Stream and investor streams. As per the Home Affairs Department, since 2012, over 100,000 overseas migrants have made use of the program to gain residency in the country. O’Neil in the year 2022, had hinted at plans to review the visa scheme. “It’s actually costing us on average for every person, because these are people who are generally coming in at quite a late stage of their life, often at the end of their business career and coming to Australia, basically to settle down and retire,” she said at the time. (With inputs from agencies)

Australia terminates ‘golden visa’ in immigration overhaul over ‘poor economic outcomes’

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments.

The government has put its "Golden Visa" programme on the back burner. With this, processing times have come to blow out, leaving wealthy Chinese migrants in limbo.

<h2>How long have these wealthy Chinese been waiting</h2>

Paul Wang has been waiting for 21 months. He left Beijing in 2018, to start a new life in Australia. As per Reuters, he even invested A$1 million ($680,000) in a food processing business in hopes of qualifying for a permanent Australian residency under the investment visa scheme.

Five years on, Wang and his family are stuck in limbo.

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<h2>What changed?</h2>

While it was hoped that the BIIP programme will boost the economy, the March government review revealed that BIIP holders were estimated to contribute A$600,000 over their lifetime, which is less than half of the $1.6 million contributed by Australians.

Since taking office 13 months ago, Australia's Labor government has shifted its focus to addressing shortages of critical skilled workers, leading to longer processing times for most BIIP permanent visas. Previously, the average processing time was around 12 months, but it has now increased to nearly three years, in addition to the four to five-year investment cycle.&nbsp;

"We were not expecting it would take this long," said Wang as reported by Reuters.&nbsp;

"And our life is a mess because of that. We simply cannot plan ahead with all of the uncertainty."

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<h2>Visa delays</h2>

During the COVID-19 pandemic, all categories of Australian visas experienced backlogs.

While the government has reduced overall processing times as the pandemic situation improved, the wait for over 3,000 BIIP holders and their families, many of whom are Chinese, has only grown longer.

In an email statement to Reuters, the Department of Home Affairs addressed visa delays and stated that visas would be processed according to priority and planning levels but did not comment on the complaints from BIIP holders.&nbsp;

The department reportedly also mentioned that a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme.

<h2>Future of Australia’s BIIP Programme</h2>

The delays have raised concerns that the government may eliminate the BIIP programme.

Similar investment visa programmes have already been discontinued in Canada, Britain, and Singapore, as governments concluded that they did not create jobs and could potentially be used for speculative purposes.

The government plans to reduce the number of BIIP visas from 5,000 in the previous financial year to 1,900 this year, which is less than 20 per cent of previous years' levels.

Tony Le Nevez, managing director at residence and citizenship planners Henley &amp; Partners Australia, believes that the investor programme is not currently a priority for the government and may be overhauled in the future.&nbsp;

"I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open."

Wang acknowledged that many people may not sympathise with their situation, but stressed that he believes that the small group of BIIP holders is not being treated fairly.

"I know a lot of people won't sympathise with us - we're a small group of people...But we're not being treated fairly."

(With inputs from agencies) 
 
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Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation.

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments. The government has put its "Golden Visa" programme on the back burner. With this, processing times have come to blow out, leaving wealthy Chinese migrants in limbo. How long have these wealthy Chinese been waiting Paul Wang has been waiting for 21 months. He left Beijing in 2018, to start a new life in Australia. As per Reuters, he even invested A$1 million ($680,000) in a food processing business in hopes of qualifying for a permanent Australian residency under the investment visa scheme. Five years on, Wang and his family are stuck in limbo. Also read | Over 6,500 high net worth individuals to leave India in 2023: Report What changed? While it was hoped that the BIIP programme will boost the economy, the March government review revealed that BIIP holders were estimated to contribute A$600,000 over their lifetime, which is less than half of the $1.6 million contributed by Australians. Since taking office 13 months ago, Australia's Labor government has shifted its focus to addressing shortages of critical skilled workers, leading to longer processing times for most BIIP permanent visas. Previously, the average processing time was around 12 months, but it has now increased to nearly three years, in addition to the four to five-year investment cycle. "We were not expecting it would take this long," said Wang as reported by Reuters. "And our life is a mess because of that. We simply cannot plan ahead with all of the uncertainty." Also read | A third of domestic workers in Malaysia working in forced labour conditions Visa delays During the COVID-19 pandemic, all categories of Australian visas experienced backlogs. While the government has reduced overall processing times as the pandemic situation improved, the wait for over 3,000 BIIP holders and their families, many of whom are Chinese, has only grown longer. In an email statement to Reuters, the Department of Home Affairs addressed visa delays and stated that visas would be processed according to priority and planning levels but did not comment on the complaints from BIIP holders. The department reportedly also mentioned that a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme. Future of Australia’s BIIP Programme The delays have raised concerns that the government may eliminate the BIIP programme. Similar investment visa programmes have already been discontinued in Canada, Britain, and Singapore, as governments concluded that they did not create jobs and could potentially be used for speculative purposes. The government plans to reduce the number of BIIP visas from 5,000 in the previous financial year to 1,900 this year, which is less than 20 per cent of previous years' levels. Tony Le Nevez, managing director at residence and citizenship planners Henley & Partners Australia, believes that the investor programme is not currently a priority for the government and may be overhauled in the future. "I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open." Wang acknowledged that many people may not sympathise with their situation, but stressed that he believes that the small group of BIIP holders is not being treated fairly. "I know a lot of people won't sympathise with us - we're a small group of people...But we're not being treated fairly." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Wealthy Chinese stuck in limbo as Australia rethinks its 'Golden Visa' scheme

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Australia terminates ‘golden visa’ in immigration overhaul over ‘poor economic outcomes’

Wealthy Chinese stuck in limbo as Australia rethinks its 'Golden Visa' scheme