A 'radical reshaping' of Australia's 'golden ticket visa' program has left Chinese millionaires in limbo.
. Partly as a result, most BIIP permanent visas are taking nearly three years to process, up from a previous average of around 12 months, and in addition to an investment cycle of four to five years.Similar investment visa schemes have been scrapped in Canada, Britain, and Singapore as governments conclude they do not create jobs and could be a means to park speculative money.during COVID-19.
Asked about the visa delays, the Department of Home Affairs said in an emailed statement the government would process all visas in line with priority and planning levels, declining to comment on the complaints from BIIP holders. "I just don't think the investor program is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open.”last financial year to 1,900 this year - less than 20 per cent of the level of earlier years.
"The forever wait means that even if I'm running my business at a loss, I cannot just close shop and move on," said Tan, a Chinese investor who owns a furniture shop in Melbourne and asked to be identified only by his surname due to privacy concerns. He has been waiting for 33 months.
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