28 June, 2024

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Australia introduces National Innovation Visa to replace Global Talent and BIIP programs

In alignment with Australia’s Migration Strategy, the government has announced the introduction of the National Innovation Visa by July 2024.

This new visa will serve as a replacement for the existing Global Talent Visa and the Business Innovation and Investment Visa programs (BIIP), streamlining efforts to attract innovative talents and investors to the country.

Author • Elena Ruda

Chief Development Officer at Immigrant Invest

Australia introduces National Innovation Visa to replace Global Talent and BIIP programs

The significant policy change was highlighted in the recent Australian federal budget for the 2024—2025 fiscal year.

The introduction of the National Innovation Visa reflects a strategic shift towards enhancing Australia’s competitive edge in global talent acquisition and business innovation.

The new visa will capitalise on the strengths of the Significant Investor stream from the BIIP, focusing on selecting migrants who can propel innovative investments in sectors of national importance or contribute significantly to the venture capital industry.

Additionally, the programme will continue to offer a route for highly skilled individuals possessing advanced skills in key industries. These professionals will have the opportunity to share their expertise, establish connections to global markets, and stimulate innovation and local job creation.

However, the details of the programme and the requirements for applicants and dependants will be announced further.

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What happened to BIIP in Australia

In July 2021, the Australian government revised the BIIP to offer a more streamlined framework, directing investments towards Australian venture capitals and emerging small to medium-sized enterprises as part of the economic recovery strategy post-COVID‑19 pandemic.

Despite these modifications, the government’s 2023 Migration Review found that the BIIP was yielding suboptimal economic results for Australia. It recommended reevaluating the programme’s scale and function, acknowledging that more favourable outcomes had emerged from the Significant Investor Visa stream.

Foreign nationals with pending Global Talent Visa applications will still have their applications processed by the Department of Home Affairs, despite the upcoming shift to the new National Innovation Visa.

5 advantages of moving to Australia

1. Prospects for second citizenship. Foreigners can apply for an Australian passport after residing in the country for four years, with the final 12 months as a permanent resident. Australia recognises dual citizenship, so there is no need to renounce your original citizenship.

An Australian passport allows visa-free travel to 171 countries, making it one of the most powerful passports for international travel. Australian citizens do not require visas for the US, UK, or Schengen countries.

2. Coastal living. Summer in Australia begins in December and winter in June. Both locals and tourists enjoy activities such as surfing, diving, and sea cruises.

3. Access to quality medical services. Australia has a public health insurance system called Medicare. Australian citizens, foreigners with permanent residence, and certain residence permit holders, such as spouses of citizens and permanent residents, are eligible for medical care under this insurance scheme.

4. Quality education. In Australia, students attend school for 12 years. Foreigners who have completed only 11 years of schooling must undergo a year-long Foundation programme before entering university. This programme familiarises students with specialised subjects, academic writing skills, project presentations, and helps improve their English.

5. Social benefits. Both citizens and permanent residents can receive state assistance. Australia provides benefits and informational support for various life situations, including childcare, education, medical treatment, and during natural disasters.

How a businessman can move abroad

Hungary introduced new regulations in March 2024 for granting residence permits to non-EU and EEA nationals.

A primary method to secure a residence permit is through business registration, specifically by establishing a legal entity like an LLC or JSC, as individual entrepreneur status is insufficient without an existing Hungarian residence permit.

The company must have a minimum authorised capital of €7,700. Initially, the residence permit is valid for one year and can be extended once for an additional two years. Under these rules, the applicant’s relatives are eligible for residence permits after one year.

The Portugal Startup Visa targets entrepreneurs initiating innovative projects within the country, governed by Articles 60 and 81 of the REPSAE, the Portugal Immigration Act.

Applicants must apply through the IAPMEI, presenting an innovative business project and partnering with a Portuguese business incubator. The program allows for up to five partners per application, with the main applicant being a non-EU citizen or resident.

Successful applicants receive a residence permit, initially valid for two years and renewable for three more years. This visa also facilitates family reunification for the relatives of the visa holder.

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