The changes to Australian investor visas is titled “A better deal for Australia”. While Australia may benefit from these changes, the question is at what cost for the average investors?
The Business Innovation and Investment Program (BIIP) has been streamlined from nine to four potential investor, business and innovation class visas, along with changes to the eligibility criteria.
Acting Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs Alan Tudge said the changes would drive investment in key sectors and create Australian jobs.
“Almost $1.3 billion was invested through the Business Innovation and Investment Program last year, an investment that is critical to our COVID-19 economic recovery,” Mr Tudge said.
“These changes will maximise the economic contribution of these high-value investors to get the best possible outcome for Australians.
“Our Migration Program for 2021-22 is clearly focussed on job creators, those with a proven track record in managing businesses and investment portfolios.”
The number of places available in the BIIP has almost doubled from 6862 to 13,500 places for 2021-2022.
These changes align with feedback received from stakeholders as part of the Department of Home Affairs review into the BIIP that concluded in February 2020.
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