Immigrating through investment to achieve the dual goals of international residency and investment has long been favored by many investors worldwide. However, the immigration market is ever-changing, and policy shifts often happen in an instant. In particular, changes to the immigration policies of major countries weigh heavily on the minds of countless investors. Recently, news that another major country's investment immigration program is about to close completely has sparked widespread discussion among investors.
The highly anticipated Australian 2024-25 federal budget has been released. The budget covers various aspects including the economy, cost of living, education, healthcare, and immigration. Please join the Worldway Group as we examine the key highlights regarding immigration.
Investment Immigration to Close Completely
The Australian Business Innovation and Investment Program (BIIP) will officially close in July 2024, and new applicants will no longer be able to apply for the 188 visa category.
◆ The processing of BIIP 188 applications already submitted to the Department of Home Affairs will continue, but will be subject to the latest immigration priorities and quotas. The newly announced investment visa quota for the new fiscal year is 1,000; clients currently awaiting approval are asked to please wait patiently.
◆ After July 2024, applicants who have already obtained a 188 visa will be able to proceed with their 888 permanent residency application once they meet the 888 requirements. In other words, 888 applicants will not be affected.
2024-25 Fiscal Year Permanent Migration Program Quota Set at 185,000
The immigration quota for the 2024-25 fiscal year will be reduced from the current 190,000 to 185,000, a reduction of 5,000 places. Of this, 71% is allocated to skilled migration, totaling 132,200 places to help address the country's long-term skill needs; the family stream has been allocated 52,500 places, remaining consistent with the previous fiscal year.
At the same time, the Australian government has announced that it expects to launch a new innovation visa category by the end of 2024. Details regarding the innovation visa are pending further government announcements, and we hope this new visa will provide new hope for all friends who love Australia! The Worldway Group will continue to monitor the situation and share any new information with you as soon as it becomes available.
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