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July is the start of the new immigration program year and this is the latest news on the upcoming changes for Australian immigration.
On 15 April 2021, the Minister for Immigration gave a directive to expand the definition of “character reasons” as a reason for visa cancellation. The new rule, Ministerial Direction 90, focuses on family violence and means some Australia visa holders who were previously ok to stay, could have their visas cancelled.
Australia’s Minister for Agriculture, Drought and Emergency Management David Littleproud, has announced an agriculture visa will become available in 2021. The new visa is a result of Australia’s trade discussions with the UK in which it was agreed that British backpackers would no longer be required to work on Australian farms to retain their visas. The arrangement will release British tourists from often undesired requirement, and provide an opportunity for other travellers to visit Australia.
In a media release yesterday, NSW Treasurer Dominic Perrottet announced a plan to return international students to Australia in 2021. The plan will be funded entirely by local universities and will be in addition to the number of other passengers allowed to arrive per week (such as permanent residents and Australian citizens). 250 students from 14 NSW and ACT universities will be permitted to arrive in Sydney per fortnight. Once on Aussie shores, the students will be directed to private quarantine facilities for an isolation period before they are able to move freely in the community. The plan is expected to commence in the second half of the year.
They raised you, supported you, and loved you… and now in return, you want to bring them to Australia. They’re your parents. But what is the best way to get them here, and how much is it going to cost?
Minister for Immigration Alex Hawke made a statement on Wednesday 19 May on how the Business and Innovation and Investor Program will be changing in 2021. New rules commence on 01 July 2021 and although the legislation is yet to be released, the Minister’s statement gives us a good idea how the program will operate moving forward and how the changes will affect you, the investor.
The Business Innovation and Investment Program provides a path for people to migrate to Australia on the proviso that they financially invest in the Australian market. This visa category is one of the fastest and easiest ways to get permanent residency and even citizenship in Australia. It also allows you to bring your immediate family to Australia, something other visas have not always made easy.
The new legislation has not yet been released so we do not have a full picture of the new system, but based on Minister Hawke’s statement, the following changes will occur as of 01 July 2021:
In summary, the new visas under the Business Innovation and Investment Program are:
Under the old rules, holders of the 132 Business Talent visa were granted immediate permanent residency. The changes are doing away with this visa and new applicants will have to spend some time as temporary visa holders before they can apply to become permanent residents of Australia. Previously, temporary visa holders in the 188 stream could stay for 4 years and apply for permanent residency at the end of those 4 years. This lead to something of a panic at the end of the 4 years, with visa holders scrambling to get paperwork formalised in time so that a visa extension would not be needed. In order to grant more flexibility, 188 visa holders now have a temporary visa of 5 years but can apply for permanent residency after 3 years, provided they comply with the requirements.
The requirements vary slightly from case to case, but generally speaking to comply with the 188 and qualify for permanent residency, you must:
The Complying Investment Framework sets out how the funds must be invested. This framework has always existed for 188 visas but effective 01 July 2021, the percentages allocated into the various components will change.
The components are:
Perhaps the most significant change of the announcement, is that the holders of 188B Investor visa must now also comply with the Complying Investment Framework (CIF). Prior to this change, holders of the Investor visa could invest their funds into Australian Government bonds. The change has been made to ensure the money coming from investor visas goes to new businesses and creates local jobs. While the CIF is a slightly higher risk venture than government bonds, we hope that potential applicants can see the reasoning behind the change and that it does not dissuade them from their plans to move to Australia.
The Entrepreneur visa is the lowest threshold investment visa, requiring an investment of $200,000. The Department of Home Affairs announced in December 2020, that the required assets of the applicant would increase from $800,000 to $1.25 million in July 2021, but yesterday’s announcement was silent on any further changes to this visa. We await the release of the new legislation which will give us all the details on whether anything else is different.
Historically, tax for investors in Australia has been needlessly complicated. Following the 2021-2022 Federal Budget announcements it appears the government intends to simplify the tax rules for visa holders. The Australian government plans to replace the existing framework with a new set of rules that are easy to understand and apply. This should reduce the cost of complying with the rules, and provide more certainty for investors.
One new rule is that any person who physically resides in Australia for 183 days or more in a year will be considered an Australian tax resident. Those who have been here for fewer than 183 days will have other criteria but the government assures us these will be simpler and based on measurable facts.
If Australian tax law was putting you off investing in Australia, it is worth revisiting the idea with your financial advisor.
If you have the means to invest and you are considering a move to Australia, the Business Innovation and Investment Program remains one of the best pathways to entry, even after the changes. You don’t need to worry about things like points or skills assessments, you can bring your spouse and children with you, and you can apply for permanent residency – now in only 3 years! Of course this is a big decision and we recommend you speak to an experienced lawyer and an independent financial advisor * Make an appointment with Work Visa Lawyers today to discuss whether this is the right visa for you.
*Work Visa Lawyers are not financial advisors and cannot provide you with financial advice – you should also speak with an independent financial advisor before making any investment decisions.
Chris Johnston, Principal Lawyer and Founder of Work Visa Lawyers
Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.
Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.
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The Australian Government has announced its budget for 2021-22 and the news for migrants and international students is seriously disappointing. With borders predicted to remain closed until mid-2022, Treasurer Josh Frydenberg has structured a budget with very few opportunities for immigration, and an annual Net Overseas Migration (NOM) figure of -72,000. It’s been 16 months since the WHO declared Covid a pandemic. China built a hospital in Wuhan in 10 days, so why can’t Australia build quarantine facilities in a year?
Living in a different country from your spouse or partner can be difficult, frustrating, and at times, very lonely. So how can you reunite if one of you lives in Australia?
The Global Talent Visa is the Australian Government’s latest passion project with the nation more enthusiastic than ever to attract high-value enterprises and talented individuals to its shores. A new Taskforce has been created to locate and prioritise high talent individuals, and a new ministerial direction sets out which areas of expertise Australia is looking for.
188C重大投资者签证, 又称为500万投资移民签证。如果您有能力投资，188C签证可能适合您。但是这个签证是如何运作的呢？本律所带您了解188C投资签证的7大要素。
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