On 11 December 2023, the Australian Federal Government announced a new migration strategy which contains 8 key actions, over 25 new policy commitments and areas for future reform.

 

Following the implementation of the migration strategy, the Business Innovation and Investment Program (BIIP) permanently ceased accepting new applications in July 2024. 

 

The reason for this decision is said to have come from the thought that the BIIP program had limited economic benefits to Australia.

 

Global Talent Visa

 

The Global Talent visa program commenced as a pilot in 2018 and became a permanent fixture in 2019. The Global Talent Visa gave an opportunity for exceptionally talented individuals who could raise Australia’s standing in targeted future-focused sectors underpinned by science or technology to pursue a direct pathway to permanent residency.

 
Unfortunately, due to the finding stemming from the Migration Strategy, the Australian Government announced that it will close the Global Talent Visa in late 2024.


The Australian government assured existing Global Talent applicants of continued support during the transition, with assessments based on the criteria applicable at the time of their application. However, as the new visa targets “most exceptional” talent, the bar for future Global Talent applicants will likely be raised. 

 

The National Innovation Visa: A New Pathway for Exceptional Talent

 

In place of the BIIP, and the Global Talent Visa, a new National Innovation Visa has been set to launch in late 2024. 

 

This permanent visa streamlines the process for “most exceptional” talent, encompassing high-performing entrepreneurs, major investors and global researchers.  

 

Specific requirements have not yet been announced yet but anticipate a more rigorous assessment compared to the previous BIIP and or the current Global Talent Visa. 

 

It is suggested by some commentators that such assessment may include:  

  • Stringent applicant evaluation: Applicants will likely face a thorough assessment of their potential contributions to Australia. 
  •  Monitoring and cancellation provisions: Similar to BIIP program visas, and a number of Australian visas, the National Innovation Visa may include monitoring periods and potential cancellation clauses if specific criteria are not met.
  •  Emphasis on Non-Monetary Criteria: Financial investment alone may not be sufficient and a proven business track record, links to Australia, and a history of innovation could be key factors.

 

Conclusion 

Australia’s “migration by investment” policy through the BIIP has ultimately evolved away from investment alone. While details regarding the National Innovation Visa remain undisclosed, it’s clear that this visa will have stricter entry requirements compared to existing programs however may maintain an investment component. We look forward to updating our readers on the National Innovation Visa as more information comes to light closer towards the end of 2024.

 

By Farhan Rehman  
Australian Immigration Lawyer 

 

Footnotes available upon request.