Australia Announces the New National Innovation Visa (NIV)
December 11, 2024 · Australia · 8 min read
On December 6, 2024, the Australian Government officially announced the new National Innovation Visa (NIV), replacing the former Global Talent Visa.
After the Australian Government announced in May 2024 that it would close the Business Innovation and Investment (Provisional) visa (subclass 188), many families had been hoping for replacement programs. In its most recent update, however, only the NIV was announced — and not as a replacement for the subclass 188 visa, but for the Global Talent Visa (subclass 858), as the Australian Government had previously indicated.
On December 6, 2024, the Australian Government officially announced the National Innovation Visa (NIV), which replaces the former Global Talent Visa.
The program retains nearly all of its core elements, with only a few changes to its format and process:
- A new name that reflects the program’s focus on national innovation and Australia’s future prosperity.
- Applications can no longer be lodged directly; candidates must first submit an Expression of Interest (EOI), and those assessed as suitable may be invited to apply.
- Applicants must demonstrate a record of achievement consistent with the one described in their invitation to apply.
- The requirement for an endorsement from the Prime Minister’s Special Envoy attesting to the applicant’s ability to contribute significantly to the Australian economy has been removed.
The National Innovation Visa: a program for an exceptional few
The National Innovation Visa (NIV) is an Australian permanent residence visa for exceptionally talented people from around the world who can help create jobs and drive growth in sectors important to the Australian economy, and who can contribute significantly to Australia’s future prosperity.
Applicants must provide evidence of their achievements and show that they are among the best in their field.
Evidence may include:
- Prestigious awards from internationally recognized organizations, such as the Nobel Prize, the Breakthrough Prize, or the L’Oréal-UNESCO For Women in Science Awards.
- Leading sports and arts awards and honors, such as an Olympic gold medal, the Pulitzer Prize, or the Laureus World Sportsman of the Year award.
- A national research grant in Australia, or an equivalent grant from another country.
- A research doctorate from a world-leading university.
- Recent publications in top-ranked international journals.
- Statements of support from government bodies, professional, scientific, cultural, or sporting organizations, or other high-level institutions.
- Other comparable evidence.
Applicants also need to be nominated by an Australian citizen, an Australian permanent resident, or an Australian organization with a national reputation in the same field in Australia.
The program is clearly aimed at a very small group of the world’s most accomplished individuals. Its planning level has also been cut sharply in recent years, from 15,000 places in the 2020–21 program year to just 4,000 in the current 2024–25 program year.
Alternative options for investors
Because its requirements differ so much from those of the subclass 188 visa, the newly announced NIV will not be a viable alternative for most investors. Meanwhile, the Business Skills visas (subclasses 160–165) closed years ago.
With Australia’s business and investment migration pathways temporarily closed, the United States and Canada may be two destinations worth considering. Both offer a quality of life comparable to Australia’s, with advanced education systems and well-developed social welfare systems. Both North American countries are also widely seen as places of freedom and opportunity, making them attractive destinations for families starting a new life abroad.
- The U.S. EB-5 program: a minimum investment of US$800,000 in a single project, with the investment creating 10 full-time jobs for qualifying employees. Investors and their families may obtain green cards (permanent residence) and enjoy most of the rights of U.S. citizens (except the right to vote).
- Canada’s Start-up Visa (SUV) program: investors need an innovative start-up business idea that secures the support of one of the organizations designated by the Government of Canada. Investors and their families may obtain Canadian permanent residence directly, without a temporary residence stage, and enjoy most of the rights of Canadian citizens (except the right to vote).
- Canada’s Prince Edward Island (PEI) provincial entrepreneur stream: invest from C$150,000 to establish or acquire, and operate, a business in PEI. Investors and their families may reside in Canada and access publicly funded education and healthcare. After operating the business for at least 1 year, the family may apply for Canadian permanent residence.
If you are interested in investment migration programs, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your case. 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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