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The immigration by investment program in Australia has set a record

January 28, 2022

3 minutes read

Australian Immigration by Investment Program Sets Record

Data released by the Australian Department of Home Affairs shows that 11,198 applications were approved for the Business Innovation and Investment Program (BIIP) during FY 2020-2021, an increase of 153% over FY 2019-2020 and of 54% more than before the pandemic.

The surge in applications is quite expected. In October 2020, acting minister for immigration Alan Tudge announced that the number of visas issued under BIIP had nearly doubled, from 7,260 to 13,500. The politician said that business investment was a significant component of the Australian economic recovery strategy.

BIIP is an umbrella program that includes different types of Golden and Investor Visas, the increased demand for which helps boost Australia's economy:

  • Investor stream;
  • Significant Investor stream;
  • Premium Investor stream;
  • Business Innovation stream;
  • Entrepreneur stream.

Within BIIP, the Business Innovation stream accounted for the largest number of approved requests. In the same period, the number of approved requests for the Investor and Significant Investor streams more than doubled. Meanwhile, the Entrepreneur stream increased the number of approvals six-fold, despite the lowest initial figures.

In addition to the estimated high number of approvals, the most notable deviations from the norm this year were in the way visas were issued to representatives of different countries:

For the first time in the history of BIIP, Chinese citizens did not make up the absolute majority of applicants. Their number decreased from 65% to 46% of the total number of applicants compared to the last fiscal year. Meanwhile, the number of permits in China was on par with the historical number: during FY 2020-2021, 5,157 Chinese people received BIIP visas, while in 2019, 5,209 PRC citizens became permit holders. Thus, the decline in the number of visas issued to Chinese applicants is explained by a sharp increase in demand for BIIP participation among investors from other countries

Hong Kong, which has the second highest number of BIIP applicants, accounted for 1,828 approvals in 2021, up from 163 in 2020 and 303 a year earlier. Vietnamese, Iranian, South African, Indian, and British applicants had significantly higher numbers of approved applications than average rates, even with the increased 2021 quota.

It is worth noting that 89% of BIIP approvals for FY 2020-2021 were for applicants who were physically located in Australia at the time of application. According to the annual report on the migration program, the number of BIIP applicants increased to 31,813, exceeding last year's number by 152 applicants.

Source: Imidaily

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