The Australian Government will be closing down all categories of business innovation and investment visas from July 2024, according to the latest announcement. This includes so called Investor stream (golden visas) attracting wealthy investors to Australia.

“We will close the BIIP permanently from July 2024. We will not accept any new applications for the Business Innovation and Investment (Provisional) (subclass 188) visa.”, said Department of Home Affairs.

Australia will continue will continue to process your application if you have already lodged a valid application for the subclass 188 visa. Replacing this category, Australia will be launching new National Innovation visa will be available at the end of 2024.

The Migration Review found that the BIIP is delivering poor economic results for Australia. Studies including work by the Treasury and the Productivity Commission support this finding.

– Australian Government

The following visas under Business Innovation and Investment (Provisional visa) will be terminated..

  • Business Innovation stream
  • Investor stream
  • Premium investor stream
  • Entrepreneur stream

Refunds for the subclass 188 Visa Application Charge (VAC) will be available from September 2024 if you want to withdraw your application with Australia.