Did you know you could buy your way into an Australian visa and residency?
It was possible through a scheme called the Business and Innovation and Investment Program, and I am using the past tense because the government has recently closed it.
It was known as the ‘golden ticket’ visa and allowed foreign nationals to stay in Australia for up to five years if they invested at least $5m in approved investments.
Recent migration data shows that people from China accounted for over 50 per cent of all BIIP visa places in 2022-23, followed by Iran and Hong Kong.
A Grattan Institute report released in 2022 said visa holders coming through the program brought fewer benefits than skilled migrants because they are “older, speak little English, and earn lower incomes”.
“Abolishing the BIIP would boost the lifetime fiscal dividend from each year’s migrant cohort by at least $3.7 billion,” the report said.
Apparently, even a government review found the lifetime economic return from this cohort was only $600,000, compared to $1.6m for Australians.
Ouch.
What do you think, if it was better designed, should there be a special class for wealthy investors to get in to Australia?
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