Recently, the Australian Department of Home Affairs initiated a new round of review for the investment immigration visa categories, planning to modify the current visa categories and make significant adjustments, aimed at maximizing Australia’s economic benefits.
It is reported that the Business Innovation and Investment Visa Program (BLLP) will be simplified from 9 categories to 4 categories, namely the 188A Business Innovation Visa, 188B Investor Visa, 188C Significant Investor Visa, and 188E Entrepreneur Visa. This policy change will officially take effect on July 1, 2021! The specific changes are as follows:
The 188A Business Innovation Visa will continue to be retained as it requires applicants to establish a business in Australia, but the requirements for the applicant's business assets have been adjusted from the original AUD 800,000 to AUD 1,250,000. Additionally, the turnover requirement has also been adjusted from the original AUD 500,000 to AUD 750,000. Meanwhile, the time to transition to permanent residency (888) has changed from 2 years to 3 years.
The 188B Investor Visa and 188C Significant Investor Visa: the time to transition to permanent residency (888) has changed from 4 years to 3 years.
The validity period for all 188 visa categories has changed from 4 years to 5 years.
The 132A and 132B visas will be canceled from July 1, 2021, and new applications will no longer be accepted. However, applications submitted before this date will still be processed. This means that clients who meet the 132 category conditions should act quickly to catch the last train.
The 188D visa (which requires an investment of AUD 15 million) will be canceled from July 1, 2021, and new applications will no longer be accepted.
In addition, the Australian Department of Home Affairs is still discussing further modifications to the Business Investment Immigration Program. If there are any other new adjustments, they will be announced as soon as possible to give all applicants sufficient time to adjust. The WorldWay Group will also continue to monitor the latest developments and share them with everyone promptly.
Acting Immigration Minister Alan Tudge stated that these adjustments are made to maximize the contributions of overseas investment immigrants to Australia’s business. In the 2020-2021 fiscal year, we are particularly concerned about the job opportunities created for Australia by these immigrants who are about to invest in Australia in the future.
The immigration quota for the 2020-2021 fiscal year will increase from 6,862 in 2019-2020 to 13,500, nearly doubling. The total number of business immigration applications in 2019-2020 reached 15,784, which is higher than previous years even during the pandemic. This also proves that Australian immigration is very popular.
For those intending to immigrate to Australia, it is advisable to act quickly to secure a spot and strive to catch the last train before the policy changes. Currently, the 188A visa, 188B visa, 188C visa, and 132A visa are all favored Australian immigration programs among high-net-worth individuals from China. Once applicants meet the relevant conditions, they can apply for family immigration to Australia and enjoy Australian healthcare benefits. After obtaining Australian citizenship, children can enjoy high-quality education and gain broader overseas development opportunities.
2020 Health Planning Year, health planning, identity first! For more details, please consult the hotline, Mainland China: 400-138-2929 Hong Kong: (852)2802 8798.
*Some materials in this article are sourced from the internet, and the copyright belongs to the original author. If there are any copyright issues, please contact the original author and us for removal. The above information is for reference only and should not be used as an investment basis. Investment carries risks, and choices should be made cautiously.*