Australian Business Innovation and Investment Program (BIIP) Approves 40% Fewer Applications
/Border closures, lockdowns, and travel bans have affected various investment programs. Despite the fact that the Australian Significant Investor Visa (SIV) attracted about A$680 million from 427 investors in the fiscal year ended June 30, the vast majority of which were registered before the restrictions were imposed.
According to imidaily, "in the last four months of the 2020 financial year, only 11 SIV applications were granted."
In the case of Australia's other Business Innovation and Investment Program (BIIP), the number of visas issued decreased by 40% compared to the previous year.
"Australia issued 4,420 BIIP visas in the 2019-20 fiscal year, up from 7,261 (official cap) last year."
Figures and stakeholder reports show that processing for BIIP has practically stopped by the second quarter of 2020 and portends an even sharper drop in the current fiscal year.
“A carefully managed Migration Program is an important part of Australia’s economic recovery and will create jobs and bring high-value investment to help Australia rebound from COVID-19,” Australian Acting Immigration Minister Alan Taj said in October. He also announced that he intends to almost double the visa quota from 7,261 to 13,500.
