Latest / IMI Podcasts / Titanic Turnaround: BIIP Applicants, Your Lifeboats Have Arrived

Transcript

Titanic Turnaround: BIIP Applicants, Your Lifeboats Have Arrived · IMI Podcasts

• 0:00
  SPEAKER_00: Applicants for Australian investment immigration await their godot, uncertain of what the future holds.
• 0:07
  SPEAKER_00: After my previous article, industry practitioners raised concerns about the dim outlook I presented.
• 0:13
  SPEAKER_00: Today, I bring some positive news.
• 0:16
  SPEAKER_00: On May 14, 2024, the Australian government announced the permanent closure of the Business Innovation and Investment Program, also known as BIIP, as of July 2024.
• 0:29
  SPEAKER_00: This includes the 188 visas, encompassing the 188A, 188B, and 188C streams.
• 0:37
  SPEAKER_00: The BIIP category became history.
• 0:41
  SPEAKER_00: The government's May announcement clearly demonstrated an unfriendly stance towards investment immigration.
• 0:46
  SPEAKER_00: Three weeks after my previous article, Australian Home Affairs sent over 300 emails to my team.
• 0:53
  SPEAKER_00: These emails provided guidance on proceeding with applicants at different stages.
• 0:58
  SPEAKER_00: This communication reflects the stability and reliability of the Australian immigration authorities, which I appreciate.
• 1:05
  SPEAKER_00: With these emails, I can respond to recent doubts and provide sincere replies to applicants.
• 1:11
  SPEAKER_00: The Australian government officially declared that it would continue to process applications for a business innovation and investment, provisional, subclass 188, visa, in line with government priorities and the migration program planning levels.
• 1:25
  SPEAKER_00: This also applies to all dependent family members included in the application.
• 1:30
  SPEAKER_00: What this means is that the only way applicants, or in this specific case, their families, could have gotten a refund before September 2024 is if the applicant passed away.
• 1:43
  SPEAKER_00: Only specific circumstances, such as immigration system errors, unsuccessful nominations, or incorrect application submissions, warrant a refund request.
• 1:54
  SPEAKER_00: Starting from September 2024, applicants who wish to withdraw their visa applications will receive refunds for their visa application fees, regardless of the reason.
• 2:04
  SPEAKER_00: The Australian Department of Home Affairs official website will publish details on refund applications in the coming months.
• 2:12
  SPEAKER_00: These applicants have secured the final opportunity for BIIP.
• 2:17
  SPEAKER_00: This offers the simplest way to start a business or invest to obtain an Australian permanent residency permit with no future substitutes.
• 2:26
  SPEAKER_00: The relaxed restrictions on refunding visa application fees offer a friendly option, but I suggest applicants wait patiently.
• 2:34
  SPEAKER_00: Withdrawing eliminates the chance to reconsider.
• 2:37
  SPEAKER_00: The Australian government officially stated that the closure of the BIIP does not affect current holders of a business innovation and investment provisional, Subclass 188 Visa.
• 2:49
  SPEAKER_00: This applies to both the visa holder and their dependents.
• 2:53
  SPEAKER_00: Applicants can still submit applications for additional family members as subsequent entrants, as well as the business innovation and investment, permanent.
• 3:03
  SPEAKER_00: Subclass 888 Visa.
• 3:06
  SPEAKER_00: What this means is that applicants in this category must meet the requirements for transitioning from the 188 Visa to a green card by completing their business startups, investments, and residency requirements, and then submit an application for the 888 green card.
• 3:22
  SPEAKER_00: Approval will grant them Australian permanent residency status.
• 3:26
  SPEAKER_00: The review process for Australian investment immigration green cards has become faster as the current processing time is around two months.
• 3:35
  SPEAKER_00: The BIIP closure has not made the trend stricter.
• 3:39
  SPEAKER_00: Applicants who meet the requirements can obtain approval.
• 3:42
  SPEAKER_00: To further reduce processing time, applicants can prepare a clean criminal record in advance.
• 3:48
  SPEAKER_00: The shutdown of Australian business immigrant investor routes does not affect applicants waiting for audits at any stage.
• 3:55
  SPEAKER_00: By following the requirements and completing each application stage, applicants can secure an Australian green card.
• 4:03
  SPEAKER_00: This episode first appeared as an article by Henry Fann on IMIDAily.com.
• 4:09
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry.
• 4:17
  SPEAKER_00: And upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalog, investment migration company Rolodex, private briefings, and more members only content.