With Australia’s 188 Visa Closed, Investors Turn to the U.S., Canada, and Europe
June 25, 2024 · Residency by investment · 10 min read
The closure of Australia’s Business Innovation and Investment (Provisional) visa (subclass 188) has led many investor families to change their residency plans and look at programs in other countries. With the 188 visa closed, which options are investors turning to?
The closure of Australia’s Business Innovation and Investment (Provisional) visa (subclass 188) has led many investor families to change their residency plans and look at programs in other countries. With the 188 visa closed, which options are investors turning to?
Its relative proximity to Asia, its climate, an English-speaking environment, a high standard of living, an excellent education system, and a favorable business climate made Australia an easy place for many families to settle and feel at home, which is why it has long been one of the most popular destinations for residency by investment.
The Australian government’s recent decision to close the Business Innovation and Investment (Provisional) visa (subclass 188) has left many investors disappointed and uncertain. But as one door closes, others open. Drawn by the strengths of programs elsewhere, many IMM Group clients are now redirecting their plans to other countries. The programs they are turning to most are:
1. U.S. residency by investment: the EB-5 Immigrant Investor Program
A strong economy, a dynamic culture of innovation, excellent education, and the mindset of its people have made the United States the first place many consider when choosing a new home for the future. Among the options for U.S. residency, EB-5 is a well-established, direct investment route to a U.S. green card, with a clear and streamlined process.
EB-5 is the U.S. green card program through which an investor makes a minimum investment of US$800,000 in a project located in a Targeted Employment Area (TEA); the investment must create at least 10 full-time jobs for qualifying employees in the United States.
With Australia’s investor route now closed, EB-5 has become one of the most sought-after alternatives, because it is a passive investment: you do not need to run a business, there is no English-language requirement, and there is no age limit. Many investors also fund their children’s own EB-5 applications for a U.S. green card, so they can continue studying and working in a supportive environment that allows them to develop fully and reach their potential.
| See full details of the EB-5 green card program.
2. Canadian business immigration: the Start-up Visa (SUV)
Alongside Australia and the United States, Canada is another developed country known for a comprehensive social welfare system widely regarded as among the best in the world, and it is home to large, well-established immigrant communities.
Once the family is authorized to live in Canada, the investor’s children can generally attend public school free of charge through the end of high school, and the family may qualify for publicly funded health care, depending on the province, without having to wait until the investor becomes a permanent resident, as is the case in Australia.
Among investment-based programs, the Start-up Visa is one of the few that grants Canadian permanent residence (PR) directly, with no temporary residence stage. To take part, the investor needs an innovative business idea that an organization designated by the Government of Canada agrees to support, and must carry out the start-up plan while the PR application is being processed. Note that the program requires English proficiency equivalent to IELTS 5.0.
Current processing takes about 3 years, so the program suits investors who do not plan to move to Canada soon and can keep running their business in their home country until PR is granted. If you need to move sooner, you can apply for a work permit, which takes about 6 months. IMM Group currently offers an advisory package from approximately US$166,000, supporting investors in entering the program and meeting its requirements until PR is granted.
| See full details of Canada’s Start-Up Visa program.
3. Residency by investment in Europe
European countries such as Spain, Greece, and Cyprus are also drawing interest from some investors. Most of these programs grant residence rights in return for a qualifying real estate purchase, making European residency a good fit for investors who want to diversify their portfolio, travel more easily within Europe (permits issued by Schengen member states allow visa-free short stays across the Schengen Area), or keep future options open for their family to live in a country with high-quality social welfare, a safe and clean environment, modern international education, and advanced health care.
These programs also require no language skills or management experience, do not require you to live in the country full-time, and involve simpler proof of funds than many other residency programs. With a minimum real estate investment from €300,000 (approximately US$338,000), European residency by investment offers practical benefits and is more accessible than many other programs.
| See full details of European residency by investment programs.
4. Grenada citizenship by investment
While some investors are waiting in the hope that the Australian government will consider and introduce replacement programs, others have chosen to also pursue the Grenada citizenship program to give their family more options for the future and quickly gain visa-free or visa-on-arrival access to more than 140 destinations, including the United Kingdom and the Schengen Area.
Launched in 2013 to attract foreign investment and support the island nation’s economic development, the Grenada citizenship program offers several advantages: processing in about 12 months; no requirements on the applicant’s age, education, experience, or language skills; citizenship granted directly with no intermediate stage; and no residency requirement to maintain citizenship.
There are currently 2 ways to participate in the program:
- Invest in an approved resort real estate project, with a minimum investment under the program rules starting from US$270,000, or
- Make a non-refundable contribution from US$235,000 to the government’s National Transformation Fund (NTF).
| See full details of Grenada’s citizenship by investment program.
If you are considering a residency or citizenship by investment program, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s likelihood of success. We will keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
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