Australia's visa overhaul leaves Chinese millionaires in limbo

Five years on, his hopes for his family of three remain on hold as the government has put the controversial"Golden Visa" programme on the back burner, causing processing times to blow out, leaving wealthy migrants like Mr Wang in limbo.

The results, though, have been underwhelming. A government review published in March found BIIP migrants contributed less to the economy than the average Australian, as the cohort, despite their wealth, tended to be older and earned lower incomes through capital returns on passive investments. Every category of Australian visas experienced a backlog during Covid-19. As the pandemic has eased, the government has cut processing times overall, but the wait for more than 3,000 BIIP holders and their families — many Chinese — has only lengthened.Some BIIP applicants plan to protest in Sydney on Friday against the government's policy shift, a rarity as Chinese migrants largely avoid public dissent.

The delays have raised concern that the government might scrap the BIIP programme, said Mr Tony Le Nevez, managing director at residence and citizenship planners Henley & Partners Australia, whose clients have invested at least A$5 million each in the country. BIIP holders say they are curtailing business investment given the uncertainty, postponing life decisions and in some cases selling properties in Australia. Some say they must hold on to loss-making businesses to keep their visa prospects alive, missing out on investments with greater returns.

Source: News Formal (newsformal.com)

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