Palak Mehra, who came from India three years ago, says when she applied for her provisional business innovation stream visa the Department of Home Affairs website indicated it would take six months to process her permanent residency application.
Key points:
- Permanent Business Innovation and Investment Programme visa holders say their applications have been put on the backburner
- The BIIP program was intended to drive investment in Australia by bringing in wealthy immigrants
- The Labor government has shifted its priority to easing shortages of critical skilled workers
"But now it's been more than 14 months," she said. "So this is really annoying."
Ms Mehra was one of about 100 applicants for permanent Business Innovation and Investment Programme (BIIP) visas, or 888 visas, who protested in Melbourne on Friday, calling for the government to speed up processing of their permanent residency.
Another protest was held in Sydney.
The visas, which require an investment in Australia of at least $5 million, are often known as "golden ticket" visas.
Ms Mehra said she had started up a business in Australia exporting and growing almonds.
"We have a vision to grow the economy here," she said.
"So it's a humble request to the government, to the Department of Home Affairs, to please accept the 888 visas now. Start to speed up the process, and execute those visas."
She said it was frustrating because "we have our dreams for more here".
"We have our children here who want to seek the education in universities," she said. "So for them, at least we need permanent residency here."
When Australia introduced the BIIP in 2012, the hope was that wealthy business owners, investors and entrepreneurs would boost the economy by bringing in capital and driving innovation.
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.
The review estimated the lifetime economic contribution of BIIP holders at $600,000, less than half the $1.6 million of Australians.
After coming to power 13 months ago, the Labor government has shifted its priority to easing shortages of critical skilled workers.
Partly as a result, most BIIP permanent visas are taking nearly three years to process, up from a previous average of about 12 months, and in addition to an investment cycle of four to five years.
Lisa Li, who came to Australia from China, said the protest was "a matter of fairness".
"Because the uncertain future is affecting my personal and family plans," Ms Li told the ABC.
"Our career prospects have been put on hold.
"We have invested a significant amount of funds and effort into developing our careers in Australia, creating value and benefits for Australia."
Another one of the demonstrators, Pa De, said he hoped the government would go back to processing the visas promptly.
"Currently, visa approvals have been extended to 36 months or even 40 months, which is unacceptable to us," he said.
"We find it unfair and incomprehensible … why there is such a huge difference between visa processing time in the past and now."
Concerns BIIP might be scrapped
The protest staged by the BIIP holders, mostly Chinese, on Friday outside of the ABC's offices in Melbourne and Sydney, was a rarity as Chinese migrants largely avoid public dissent.
Asked about the visa delays, the Department of Home Affairs said in an emailed statement the government would process all visas in line with priority and planning levels, declining to comment on the complaints from BIIP holders.
It said a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP program.
The delays had raised concerns that the government might scrap the BIIP program, said Tony Le Nevez, managing director at residence and citizenship planners Henley & Partners Australia, whose clients have invested at least $5 million each in the country.
"I just don't think the investor program is on their radar at the moment — they might overhaul it down the track. In the meantime, I think they might just keep a small window open.”
The government plans to shrink its BIIP allocation from 5,000 visas last financial year to 1,900 this year — less than 20 per cent of the level of earlier years.
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.
ABC/Reuters
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