Chinese millionaires who invested millions of dollars in Australia the Golden Visa program are facing long delays in getting a permanent residency. Currently, the government is reviewing the controversial visa scheme.
According to Reuters, the Business Innovation and Investment Program (BIIP) allows wealthy foreigners to obtain permanent residency in Australia if they invest at least A$1 million ($680,000) in a government-approved business.
Major Delays in Permanent Residency
The program was introduced by the previous government in 2012, and it attracted a large number of Chinese investors. However, the current government has said it is reviewing the program and has put a hold on processing new applications.
As a result, many Chinese millionaires already invested in Australia are now facing long delays in getting permanent residency. Some have been waiting up to two years for their applications to be processed.
Australia's Labor government has focused on addressing the severe skill gap since office 13 months ago. Due in part to this, most BIIP permanent visas are now processing around three years instead of the prior average of roughly 12 months, in addition to a four to five-year investment cycle.
The delays are causing frustration and anxiety among Chinese investors, who say they are being mistreated. Some are considering leaving Australia because of the uncertainty surrounding their visa status.
The government has said it is committed to reviewing the BIIP and ensuring it is fair and transparent. However, it has yet to indicate when the review will be completed or when new applications will start being processed.
The delays in processing BIIP applications are a setback for Australia's economy. Chinese investment has been a major driver of economic growth in recent years, and the government has been eager to attract more Chinese investment.
They are also a blow to the reputation of Australia as a welcoming place for foreign investment. The government has said it is committed to attracting foreign investment, but the delays in processing BIIP applications suggest otherwise.
What Australian Government Needs to Do?
The government needs to find a way to resolve the delays in processing BIIP applications. The longer the delays continue, the more damage they will do to Australia's economy and reputation as a welcoming place for foreign investment.
Governments in Canada, Britain, and Singapore have eliminated similar investment visa programs because they believe they do not generate jobs and may be used to park speculative capital.
Per SBS, there was a backlog for Australian visas in every category during COVID-19. The government has reduced processing times overall as the pandemic has subsided, but the wait for more than 3,000 BIIP holders and their families-many of whom are Chinese-has only become longer.
