The government has put the controversial “Golden Visa” programme on the back burner. Read more at straitstimes.com.
SYDNEY - In 2018, Mr Paul Wang left his home in Beijing to start a new life in Australia, investing A$1 million in a food processing business in the hopes of qualifying for permanent residency under the country’s investment visa scheme.
When Australia introduced the Business Innovation and Investment Programme in 2012, the hope was that wealthy business owners, investors and entrepreneurs would boost the economy by bringing in capital and driving innovation. After coming to power 13 months ago, Australia’s Labor government shifted priority to easing shortages of critical skilled workers.
Asked about the visa delays, the Department of Home Affairs said in an emailed statement the government would process all visas in line with priority and planning levels, declining to comment on the complaints from BIIP holders. “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.”
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