According to The Australian, Australia has announced the abolition of the "golden visa", and at the same time, it will carry out reforms to attract more skilled talent.
1. Australia cancels the "golden visa"
Australia has announced the scrapping of a visa program designed to attract wealthy investors, known as the Business Innovation and Investment Program (BIIP), also known as the "Golden Visa", which allows foreign nationals to stay in Australia for up to five years, provided they invest at least $5 million in an approved investment project. (Source: The Australian)
Australian Home Affairs Minister O'Neill said in a statement that the government will reform the immigration system to attract more skilled migrants, and that the suspension of golden visas is part of the reform plan. The main purpose of this reform is to attract overseas technical talents.
O'Neill pointed out that for many years, the program has failed to meet the needs of the country and the economy for the immigration system, "because people who migrate to Australia through the Golden Visa program generally come to Australia to settle and retire at the end of their careers".
2. Australia has launched a series of policies
A 2022 report by the Grattan Institute, a well-known Australian think tank, said that the Golden Visa program brings little tax revenue to the government, but the services it provides to newcomers have caused a lot of economic losses.
Australia began implementing a new immigration policy in December 2023, aiming to reduce the number of new immigrants to the pre-2020 level. These new measures include preventing the abuse of student visas and focusing on attracting skilled migrants to fill manpower needs.
3. Technical talents will get more opportunities
Australia's Gratton Institute said that reducing other visas for key investors and BIIP programs, and giving more opportunities to skilled workers, could give Australia nearly $120 billion in immigration dividends over the next 30 years. This is because business investment visa holders retire 20 years earlier than young skilled workers.
The Commonwealth says a more stringent Talent and Innovation visa will create a single, streamlined pathway "to attract a relatively small number of talented migrants to Australia, such as leading entrepreneurs, key investors and global researchers." ”
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