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According to an exclusive report in The Australian, Australia’s government has discretely closed its entire Business Innovation and Investment Program (BIIP) to new applications. The closure encompasses various streams like Business Innovation, Investor, Significant Investor, Premium Investor, and Entrepreneur. Over the past 15 years, more than 100,000 foreign nationals have gained residency through BIIP, generating AUD 12 billion through the Significant Investor Visa (SIV) since 2012.
The government's decision to close the program comes amid allegations of Chinese criminals and corrupt officials exploiting BIIP for Australian citizenship. Additionally, the Grattan Institute's research suggested that redirecting visas to skilled workers could bring an extra A$120 billion in tax revenue over 30 years.
The government plans to replace BIIP with expanded quotas for skilled worker visas, emphasizing long-term economic benefits. Brendan Coates from the Grattan Institute welcomed the move, criticizing BIIP as the "single worst part" of Australia's migration program, attracting less-skilled migrants with high long-term costs for taxpayers. A Migration Review found that skilled workers contribute AUD 300,000 more to the economy than investor migrants overall.
The government aims to introduce a Talent and Innovation Visa, streamlining entry for highly talented migrants like entrepreneurs, major investors, and global researchers. This shift is expected to bring fiscal and economic dividends to Australia.
Source: https://www.theaustralian.com.au/nation/politics/golden-visas-axed-in-crackdown-on-billion-dollar-passportsforsale-scheme/news-story/381740d033dc21a6dffd76e511ba5d67
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