SYDNEY — In 2018, Paul Wang left his home in Beijing to start a new life in Australia, investing A$1 million (S$920,000) in a food processing business in the hopes of qualifying for permanent residency under the country's investment visa scheme.
Five years on, his hopes for his family of three remain on hold as the government has put the controversial"Golden Visa" programme on the back burner, causing processing times to blow out, leaving wealthy migrants like Mr Wang in limbo.
The results, though, have been underwhelming. A government review published in March found BIIP migrants contributed less to the economy than the average Australian, as the cohort, despite their wealth, tended to be older and earned lower incomes through capital returns on passive investments. Every category of Australian visas experienced a backlog during Covid-19. As the pandemic has eased, the government has cut processing times overall, but the wait for more than 3,000 BIIP holders and their families — many Chinese — has only lengthened.Some BIIP applicants plan to protest in Sydney on Friday against the government's policy shift, a rarity as Chinese migrants largely avoid public dissent.
The delays have raised concern that the government might scrap the BIIP programme, said Mr Tony Le Nevez, managing director at residence and citizenship planners Henley & Partners Australia, whose clients have invested at least A$5 million each in the country. BIIP holders say they are curtailing business investment given the uncertainty, postponing life decisions and in some cases selling properties in Australia. Some say they must hold on to loss-making businesses to keep their visa prospects alive, missing out on investments with greater returns.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia's visa overhaul leaves Chinese millionaires in limboThe government has put the controversial “Golden Visa” programme on the back burner. Read more at straitstimes.com.
Read more »
Chinese foreign minister Qin Gang tells Blinken US should respect China's core concernsThe phone call comes ahead of a reported planned visit to Beijing by Mr Blinken. Read more at straitstimes.com.
Read more »
Top Chinese, US diplomats hold phone callBEIJING: US Secretary of State Antony Blinken and Chinese Foreign Minister Qin Gang held a telephone call on Wednesday (Jun 14), the highest-level talks in a recent flurry of diplomatic activity between the countries. Tensions have risen sharply between the world's two largest economies in rec
Read more »
Chinese automaker BYD reopens two Hong Kong showrooms after vandalismHONG KONG : Chinese automaker BYD Co Ltd has restarted operations at two showrooms and a service centre in Hong Kong after they were vandalised earlier this week, BYD's sole agent said in a notice on its website on Wednesday.Restoration work on another showroom in the outlying district of Yuen Long in the
Read more »
Chinese naval ship docks in Manila for ‘goodwill’ visit amid South China Sea tensionsAnalysts say the Qi Jiguang's series of port calls won't be enough to smooth tensions over the disputed waterway. Read more at straitstimes.com.
Read more »
Chinese pair charged with murder of South Korean influencerPHNOM PENH — A Cambodian court has charged a Chinese couple with murder after a popular South Korean influencer's body was dumped in a pit on the outskirts of Phnom Penh, a prosecutor said on Wednesday (June 14).
Read more »