An exclusive report published in The Australian newspaper revealed that the Business Innovation and Investment Program in Australia has been closed with immediate effect for further applications. This program includes streams such as Business Innovation, Investment, Great Investor, Distinguished Investor and Entrepreneurship.
Over the past 15 years, more than 100,000 people have used the program to gain residency in Australia. Since the opening of the important investor visa alone in 2012, around A$12 billion has been raised.
Why was the Business Innovation and Investment Program in Australia discontinued?
The government indicates it plans to offset Business Innovation and Investment Program flows with double quotas for skilled worker visas, which would be more economically beneficial in the long term for Australia.
This step comes after accusations from the Australian media that some investors were exploiting the program in order to obtain Australian citizenship. A research report from the Grattan Institute also suggested that allocating more visas to skilled workers rather than investors would be more financially beneficial for Australia in the long term.
Brandan Coates, director of the Institute’s Economic Policy Program, welcomed the news and described the Business Innovation and Investment Program as “the worst part of Australia’s skilled migration programme”. He pointed out that skilled workers contribute more to strengthening state coffers than business investors.
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