In the last year there's been significant negative press and uncertainty about the Global Talent visa and the significant investor visa. The significant investor visa or SIV is a visa that requires a $5 million investment into a complying investment fund.
There was a statement from Minister of Home Affairs Claire O'Neill in 2020 to casting doubt into the future of the investment visa.
The Global Talent isa is a visa stream of the 858, which requires applicants to have expertise in a relevant sector and to have a salary above the Fair Work high income threshold.
There were articles criticizing the integrity of the global talent visa in 2022, so it's a little surprising that there are some positive comments about both in the review.
This is what the review says about the significant investor visa recommendation number eight.
Reconsider the size and role of the Business Innovation and Investment program, noting more positive outcomes from the significant investor visa. Based on this, I would expect a lower overall allocation for the 188. Perhaps even a closing of the 188A or business innovation stream.
But for the significant investor visa to survive and receive allocations.
Consider changes to the existing global talent visa to improve the clarity in the selection criteria and remove the need for a nominator.
Based on this, there may be more specific criteria added to the Global Talent Visa.
The current nomination process is likely to be cut. Changing the nomination process is a good idea. Nomination often proved to be a barrier to applicants that did not personally know an Australian citizen or PR holder. The report makes 31 references to highly skilled migrants. While global talent is not the only way to secure highly skilled migrants. I feel stuck in the global talent visa has risen.
Another way to secure highly skilled migrants is through the points system.
The report looks to refine the points system to better target highly skilled migrants.
So where to from here?
A new migration program year begins very soon. From the 1st of July 2023. There is not enough time to make large legislative and regulatory changes before the 1st of July 2023. What's more likely is that the current visa categories will be managed with different allocation levels.
This will give more time for substantial changes in 2024
So that's the report on the future of the global talent visa and the significant investor visa.
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