From 1 July 2021, only four visa streams are available to new applicants, instead of nine, under the Business Innovation and Investment Program.
The new change now demands that only 4 new visa streams be available, compared to the earlier 9 allowed. These 4 are as per the BIIP; innovation, Entrepreneur, Investor and Significant Investor streams of the 188 will give a temporary visa and a perpetual residency pathway through 888 visa. On the same note, 132 is not obtainable anymore.
The four streams now allowed will provide residency that is valid for 5 years, longer than before. This is so that the holders of their visas are allotted a longer duration to meet any and every requirement on the way to their permanent visa approval.
Finally, the overall expense of the visa’s charges has gone up to eleven-point three percent.