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.
Don’t forget to follow up us and Contact Us to know all the latest updates
The Happiest Place on Earth is Still CORONA-FREE
In light of the widespread and rapid of the Corona epidemic Covid-19 worldwide, people are increasingly searching for a safe place to protect themselves and their families.
Grenada opens its consulate in Dubai – UAE
Grenada opens its consulate in the United Arab Emirates, and Ms. Rose Ann Benjamin became the Consul General in it, knowing that this consulate is not the only Grenada consular office in the region, but the services provided may differ from one office to another.
Corona changes the way to apply for citizenship in Grenada
The Citizenship by Investment Unit in Grenada has decided to suspend the receipt of hard copies of files from the date of Friday 20 March 2020 until further notice or until the implementation of the CBI Management Online Information System platform.
Limited Offer from Antigua & Barbuda to add children
The new limited–time offer is to allow adding dependent children under the age of 18 years to the family’s previously approved application and to approve the reduction of fees for adding these dependents
Dominica imposes conditions on three countries for its citizenship … Get to know them
Important changes on the Dominica’s program for citizenship by investment. As the Dominica Citizenship by Investment Unit took stricter measures came into effect last month regarding the citizenship by investment program in Dominica, made substantial changes to the program which will have an effect on citizens of Iran, North Korea, and Sudan.