10/06/2024
The Australian Government has announced changes to the Global Talent visa program and the Business Innovation and Investment program (BIIP) as part of the 2024/25 Migration Program with the 2024/25 budget.
The Government has slightly reduced the planning level for the Global Talent visa program from 5,000 to 4,000 visas for the 2024/25 Migration Program. This adjustment aligns with broader reforms around talent and innovation, and marks the final year of the current Global Talent visa program as it transitions to the new National Innovation visa. The National Innovation visa, available at the end of 2024, will offer a permanent visa pathway for exceptional talents, including top-performing entrepreneurs, major investors, and global researchers. Visas granted under this new category in 2024/25 will be included within the Global Talent visa program.
To ensure a smooth transition, the Department of Home Affairs will manage the changeover to the National Innovation visa. Current applicants of the Global Talent visa will be supported throughout this process and will not be adversely affected. Visa applicants will be assessed based on the eligibility criteria in place at the time of their application.
For the BIIP, the Government has reduced the number of visas from 1,900 in 2023-24 to just 1,000 for the upcoming year. Additionally, the BIIP will be permanently closed in July 2024, and new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa will no longer be accepted.
Current subclass 188 BIIP visa applications will still be processed according to existing Government priorities and Migration Program planning levels. However, the policy will be tightened to ensure that only applicants with successful business careers who can bring economic benefits to Australia will be approved. Those holding a subclass 188 visa and meeting the criteria for the Business Innovation and Investment (Permanent) (subclass 888) visa will still be able to continue on this pathway after July 2024.
Stay tuned for more information on the upcoming National Innovation visa, set to launch at the end of 2024!