Australia Set to Close Investment Immigration Pathway: Act Now for the Last Opportunities to Secure Your Residency

Australia is making significant moves to reduce the number of immigrants, with the rejection rate for international students reaching a historic high. The post-graaduation work visa for applicants over 35 years old has been directly slashed. As the 2024-2025 fiscal year quota was finally determined amidst a tense countdown, those who have been following Australian immigration were left desperate.

The Business Innovation and Investment Program (BIIP) has officially been terminated, marking the end of a big country’s investment immigration program. Unfortunately, Australia’s BIIP (including the 188A Entrepreneur, 188B/C Investor) has formally been shut down and has exited the stage of history. The only somewhat reassuring news is that the new fiscal year has allocated 1,000 slots, meaning that those who have already submitted visa applications still have a chance. Starting from September 2024, applicants who wish to withdraw can apply for a refund, as the immigration department would rather return the money than issue visas.

The game for the wealthy has ended. Following the termination of the UK investment program, the shutdown of Canada’s Quebec investment program, and the doubling of investment amounts in New Zealand, Australia’s investment immigration has officially come to an end.

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Australia Global Talent Visa Program – Independent Program (GTI) Set to Exit the Stage, Now Is the Last Chance to Apply

For those applicants over 40 years old, the Global Talent Visa has been the only pathway to immigrate to Australia. However regrettably, Australia is now shutting down this sole remaining option. By the end of 2024, the Global Talent Visa Program (subclass 858) will be replaced by the upcoming National Innovation Visa, marking its closure and complete exit from the stage. Details about the National Innovation Visa have not yet been officially released, and we await further announcements.

Important information for interested applicants:

1. The GTI program still has a six-month window, and the final date to sign up with Globevisa is June 15th. Although the Global Talent Visa Program will be replaced by the end of 2024, the new fiscal year has allocated 4,000 slots for the program. This is significant, considering that only 5,000 slots were available for the entire previous fiscal year. The new fiscal year offers these 4,000 slots within just half a year, presenting both risks and opportunities. Globevisa aims to help eligible applicants navigate these policy changes, with the latest signing deadline set for June 15. Act quickly to seize this opportunity!
2. The details of The National Innovation Visa have not yet been announced and are likely to be adjusted to a temporary visa. Australia cuts the number of spots in its GTI program because the people who get green cards through it don’t contribute much to the country. It is highly likely that the new visa type will be adjusted to a temporary visa, with future renewals directly linked to the applicant’s contribution. This means it will no longer be a direct pathway to permanent residency. For those with high salaries and significant influence in their industry, such as possessing national or international achievements, it is crucial to contact Globevisa as soon as possible to secure this last valuable chance to obtain an Australian green card, which may be the only remaining opportunity.

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On February 17, 2021, the UK investment program was terminated.

On September 20, 2022, New Zealand’s new investment policy was launched, with investment amounts ranging from NZD 5 to 15 million and requiring an IELTS score of 5 or above. 

On January 2, 2024, the Canada Quebec Immigrant Investor Program was relaunched, with the investment amount doubled and changed to a temporary visa, requiring a French proficiency score of 7 to qualify for permanent residency. 

On April 30, 2024, Canada Federal Self-employed Persons Program was terminated, with a one-time shutdown until 2026. 

On May 14, 2024, Australia terminated its investment immigration program, and the Global Talent (Independent) Program will be replaced by the end of the year.

Immigrating to major countries is becoming increasingly difficult, so applying sooner is always more beneficial. We will continue to update you with more information.