888 Visa Australia Update

Posted by ONEderland Consulting on February 2nd, 2024

The “Golden Ticket” Visa 888 Australia is Scrapped

888 visa Australia update in January 2024 began with unwelcome news after the Minister of Home Affairs, Claire O’Neil, announced to scrap the visa from the migration program.

The Minister found the visa program does not bring what the country and economy needs. The big concern within the Government is the visa actually costing the Government on average for every person and has a negative lifetime effect on the federal budget.

There are no further details announced as to when the visa will be officially scrapped and how it will affect the applicants. However, we have summarised what’s being discussed so far regarding this “Golden Ticket”.

The Australian Government Big Concerns Over the Visa 888 Australia

The Minister of Home Affairs, Claire O’Neil stated that the visa 888 Australia is actually costing the Government on average for every person and has a detrimental lifetime effect on the federal budget.

People who come to Australia under this visa program are generally coming in at quite a late stage of their life, often at the end of their business career, and coming into Australia to settle down and retire, which is not a productive use of the Australian migration system.

Hence, the Government sees no reasons to keep the visa program on the migration system.

How the Visa 888 Australia Works

The Visa 888 Australia targets those who would invest in the country and let them live indefinitely.

The visa does not have an age limitation and there is no English language requirement for the applicant. The additional applicants above 18 years old who do not speak English are required to pay the second instalment of the visa application charge.

These aspects were the reasons behind a big interest over the visa 888 Australia, especially among the business owners and their family.

What Possibly Happens Next?

While the Government found the Visa 888 Australia program does not bring what the country needs, there is a high possibility that the visa program will be officially scrapped in 2024.

It considers the New Migration Program, which is expected to launch this year, also looking at a targeted talent and innovation visa with a streamlined pathway for attracting highly skilled migrants to Australia, including entrepreneurs, investors, and global researchers, to drive growth in sectors deemed national in importance.