What will happen to the Global Talent Visa?

The Australian Federal Government released the federal budget on 14 May 2024. The Budget reflects the Federal Government’s plan to reform Australia’s migration system as outlined in the Migration Strategy and will introduce changes to the skilled visa programs including the Global Talent Visa.

What does this mean for the Global Talent Visa?

It was announced that the Global Talent Visa (subclass 858)  will be discontinued and will be replaced by a new visa called the National Innovation Visa.

What is this National Innovation Visa?

The National Innovation Visa is said to be designed to attract exceptionally talented migrants and replace the Global Talent visa and the Business Innovation and Investment visa.  This new visa will provide a permanent visa pathway for the most exceptional talented migrants – such as high performing entrepreneurs, major investors and global researchers.

When will this take effect?

The Government announced that the change will be implemented from late 2024.

What will happen to the Global Talent Visa already lodged?

Transition arrangements will be in place and the Department will ensure that applicants including existing Global Talent visa applicants are supported in the application process. Existing Global Talent Visa applicants will not be adversely affected by the transition and will be assessed against the eligibility requirements/criteria applicable at the time of their application.

What will happen to the pending Expressions of Interest?

We do not have the details or confirmation yet, but we suspect that the EOIs that are undecided or that have not been finalized when the change is implemented will expire.

We suggest that those interested in applying for the Global Talent Visa- Invited pathway, should submit their EOIs as soon as they can so there is a greater chance that the EOI is decided before the Global Talent Visa is discontinued.

What if I already have received a successful EOI and have not applied for the visa yet? What will happen to my invitation?

We do not have official confirmation yet as to what will happen to the unused EOI invitations however, it is likely that the invitations will expire, and we suggest that potential applicants who had received the invitation should lodge their application as soon as they can.

What is the allocation for the Global Talent Visa for 2024/2025 Financial Year?

The Federal Budget also provides for the Migration Planning Levels. For the next financial year, 2024/2025, the number of places allocated for the Global Talent Visa has decreased to 4,000 places compared to 5,000 for the 2023/2024 financial year.

Will the new National Innovation Visa have a separate allocation from the Global Talent?

No, the National Innovation Visas granted in the 2024/2025 financial year will be counted towards the Global Talent Visa Program allocation.

What are the eligibility criteria for the new National Innovation Visa?

We do not have the details about the eligibility criteria for the new National Innovation Visa however, the Migration Review recommended that the requirement of having a nomination may be removed. Again, this is just a recommendation by the Review Panel and we will not know the criteria until the legislation and the corresponding regulations are passed.

Sources:

Department of Home Affairs website - Migration Program planning levels < https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels >

Budget 2024-25 website-  https://budget.gov.au/content/documents.htm

Migration Strategy - https://immi.homeaffairs.gov.au/programs-subsite/migration-strategy/Documents/migration-strategy.pdf

If you want to check if you are eligible for the Global Talent Visa, you can use our free Global Talent Assessment Tool.

How can Work Visa Lawyers help?

Work Visa Lawyers can help you with all steps in the Global Talent visa application process, including with applications for nomination from the ACS.

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

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Book an appointment with one of our experienced Immigration Lawyers and Registered Migration Agents here.

The Australian Government announced that it will close the Global Talent Visa in late 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.

We have assisted (and currently assisting) a number of successful Global Talent Visa (GTV) applicants, and we get a lot of enquiries about it. One of the most frequently asked questions related to their income, i.e, they receive a basic salary and gets awarded company shares or bonuses, or they own the business and receive a minimum salary but receive dividends. Would their salary be assessed as equivalent to or higher than Australia’s Fair Work High Income Threshold (FWHIT)?

This issue was, previously, made more confusing when the Global Talent Visa EOI webform states that "Income includes salary, commissions, allowances, bonuses, investment dividends and other sources of personal income. For foreign income, calculate the Australian dollar amount using current exchange rates."   This has now been changed.

When submitting an Expression of Interest (EOI) for the Global Talent Visa it is important to address that the applicant meets the salary requirement otherwise the EOI will most likely not be successful.

For those not familiar with the Global Talent Visa (subclass 858), it is a visa designed to attract high-performing, highly skilled and talented individuals working in particularly target sectors of Digitech, FinTech, Agri-food and AgTech, Health Industries, Defence, advanced manufacturing and space, Circular Economy, Resources, Energy, Infrastructure and tourism and Education.

Read more about the Global Talent Visa

“Earnings”

Ministerial Direction 89, give directions in relation to the processing of the Global Talent visa and gives the highest priority to applications submitted in relation to the above-mentioned sectors and where the primary applicant’s current earnings are an amount equal to or greater than the FWHIT or the applicant has received a job offer from and Australian employer with an annual salary equivalent to or higher than the FWHIT or there is evidence that the applicant is likely to attract a salary equal to or higher than FWHIT.

FWHIT is assessed with reference to ‘earnings’ as defined by section 332 of the Fair Work Act 2009 which states:

The Australian Government announced that it will close the Global Talent Visa in late 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.

Opportunity for you in the Global Talent Visa:

We’ve been working actively with the Global Talent Visa since it was introduced in November 2019. There have been quite a few changes in relation to the Department of Home Affairs' approach to the Expression of Interest and the Global Talent overall priority. It is no longer the top priority, which has gone to Nurses and Teachers through Direction 100.

The Global Talent Visa is taking longer, but there are still plenty of success stories. It is still a good option for those looking to go straight to Australian PR without needing to do a Skills Assessment, especially for those who are over 45 years old. 

I want to give you an update on what’s been happening lately.

Read more about the Global Talent Visa

Expressions of Interest:

Expression of Interest is the toughest of the two stages. The need to demonstrate prominence and achievements in your field and earning capacity of at least the FWHIT currently AUD 167,500 are centrally important.

Some Expressions of Interest still receive priority; for example, we recently got priority for our client whose professional experience is in the area of education.

However, fewer priorities are being given, and overall, you would expect the Expression of Interest stage to take 6 to 12 months.

The migration allocations for the year ending 30th of June 2024 have zero allocations for Business and Investor Visas. That signifies that there are no Business or Investor Visas available for this year, as illustrated in the chart below.

This means it will not be possible to get a state nomination for any of the four streams of the Business and Investor Visa Program. 

The four streams of the Business Innovation and Investor Programme (BIIP) are:

• Business Innovation stream
• Investor stream
• Significant Investor stream
• Entrepreneur stream

 Why did they close the Business 188 visa?

The Parkinsons’ Migration Review Final Report had several negative comments about the Business Innovation and Investor Programme. These negative comments included that the overall age of business Visa applicants is higher than other visas and that this could cause high medical expenses. Further, there were comments that 188 Visa holders had low incomes while in Australia.

In relation to the income point, we argue that this was based on accurate information that underestimated the range of income generated by Business Visa holders, including through their business and personal. 

The migration review also recommends revisiting the allocation of places across the permanent skilled program. In particular, it suggests reconsidering the size and role of the Business Innovation and Investment Program (BIIP), noting more positive outcomes from the Significant Investor Visa.

Other visa options

If you do not want to wait until new Business and Investor Visas are announced, you may consider the Global Talent Visa. 

To learn more about the Global Talent Visa and to explore your immigration options, please visit: https://www.workvisalawyers.com.au/services/global-talent-distinguished-talent-visas/global-talent-independent-visa.html

New Investor Visa opportunities coming from July 1, 2024

The Migration Review Final Report did mention some positive contributions by their Significant Investor Visa and suggests consideration be given to whether the BIIP is retained as a substantial program.

We expect a redeveloped version of the Significant Investor Visa to be introduced from 1 July 2024. 

On page 66 of the report, there are suggestions that consideration should be given to whether the BIIP is retained as a substantial program: “We note that outcomes for the small Significant Investor stream have been stronger than for the remainder of the BIIP. If there is a desire to retain some element of the BIIP, consideration could be given to drawing on the relative strength of this stream in designing a niche investment visa product, much more sharply targeted to select migrants able to drive innovative investments or play a valuable role in the venture capital industry.”

It is expected that the new investor Visa will be similar to the current significant investor Visa and may require: 

• $5000,000 investment into a complying investment
• Complying investments are yet to be determined by the federal government and may include a stipulated percentage of investment into venture capital.

If you intend to invest in Australia, we can help you find the best Australian business visa options. Our team of experienced Immigration Lawyers and Migration Agents looks forward to assisting you. If you are interested in a Significant Investor Visa for Australia, please contact us.

Sources:

https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels

https://www.homeaffairs.gov.au/reports-and-publications/reviews-and-inquiries/departmental-reviews/migration-system-for-australias-future

https://www.homeaffairs.gov.au/reports-and-pubs/files/review-migration-system-final-report.pdf

 How can Work Visa Lawyers help?

If you need help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of an employer-sponsored visa application process. We can assist with all aspects of the application and will provide an eligibility assessment before advising you to proceed with a visa application.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world. You can book an appointment online or call us at (+61) 8 8351 9956.

When the Global Talent Visa subclass 858 was first introduced it was touted as the fast-track, streamlined pathway to permanent residency for highly skilled, highly paid professionals to move to Australia. And indeed, it was, qualified applicants got their visas within a short time.

EOIs with the support of the Global Talent Taskforce officers are being actioned quickly and the visa processing was prioritised, and applications were finalised within a few weeks or in less than a month. At its peak in early 2020, the GTV whole process was taking 2- 5 months.

However, since late last year, the Federal Government has put the brakes on the Global Talent Visa. The whole GTV process could now be expected to take 18 to 29 months.

Re-prioritisation or de-prioritisation?

The priority of the Australian Government has shifted to other skilled visas such as the Skilled Independent visa (subclass 189) wherein 35,000 invitations were issued in December 2022.  

The Department’s resources were also reallocated to reduce the visa processing times of other skilled visas and priority were given to critical sectors like healthcare and education.

While the allocations for the Global Talent Visa have been kept to 5,000 places for the 2023-2024 financial year which is the same allocation for 2022-2023, this is significantly lower than the previous allocation of 15,000 places for the 2021-2022 financial year.

Longer processing times for the Global Talent Visa

EOIs now take about 3-6 months if prioritised and 12-18 months if not. Applicants who lodged their applications from late November 2022 onwards are expected to wait 6-11 months for their applications to be finalised.

Source: Department of Home Affairs, https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/global-talent-visa-858  extracted 21 July 2023

Government Applies GTV Criteria More Strictly:

With the popularity of the program, it has become more competitive, and the Department is more stringent with their requirements.

For a successful EOI, it is very important to provide evidence of the EOI candidate’s international record of exceptional and outstanding achievement applying for the Global Talent visa seeking priority on the basis that they:

• work in one of the future-focused sectors: and
• have written communication from an Australian employer offering employment with an annual salary equal to or higher or evidence that they are likely to attract a salary equal to or higher than the High income threshold amounts in Australia.

Rise in the GTV Income - Fair Work High Income Threshold

The High Income threshold amounts referred to above is the amount set by the Australian Fair Work Commission. It is currently set at AUD167,500 and is adjusted every year on 1 July.

Those who lodged their EOI before 1 July 2023 and who have not received any response from the Department yet would have to meet this new High Income Threshold.  If the EOI candidate’s salary just met last year’s threshold of $162,000, they must prove that their salary had been increased and meets the current threshold or provide evidence that they have an offer of employment in Australia with a salary equal to or over the High-Income Threshold otherwise, their EOIs will not be successful.

Future of the Global Talent Visa?

The Global Talent visa has been a program of the former Morrison government where the government allocated significant resources. It is reported that the program would cost Australia $13 million to establish.

It however had been severely criticised. The criticisms included, the program falling short of its targets; the subjectivity of the criteria for the grant of the visa and the granting of visas to applicants who are already in Australia and who were going to migrated to Australia anyway and therefore was not in line with the program’s objective of attracting the “best and brightest” and the “high-value businesses and exceptionally talented individuals to Australia along with their ideas, networks and capital.”

There had even been fears about the possibility of the Global Talent Visa being scrapped altogether. However, the Review of the Migration System released in May 2023 did not recommend for the abolition of the program and instead recommended reforms such as improving the clarity of the criteria and removing the need for a nomination. This indicates that the Global Talent Visa will be continued, albeit changed.

Our Experience: Rare Exceptional Talent from Universities and Tech Giants

While it is understandable that the Global Talent Visa program needs to be improved, we believe that the government’s approach to it is not understandable considering the current global war on talent and Australia’s aim to attract and retain highly educated and highly skilled workers vis-à-vis the skilled shortage.

We have assisted hundreds of global talent visa applicants in the last four years. From our experience the applicant’s often work for global tech giants and leading universities.

Prior to the Global Talent Visa, we were not seeing any applicants through the GSM process from leadership positions in tech giants.

The average income of GTV of applicants would be at least $70,000 higher and often $200,000 to $300,000 higher than GSM applicants.

Warning – Australia Will Stop Attracting the Top Talents:

The present blowout of processing times will make the Global Talent Visa unattractive to most global talents.  Waiting over two years for a visa is not attractive to Global Talents and these applicants will just go to the UK or Canada instead.

We encourage the Government to re-priorities Global Talent Visas through an updated Directive or Instrument.

We believe that eligible global talents have a place in Australia’s future and the process of getting them to choose and come to Australia should be made easier or risk the chance of losing these talents to other countries who are more accommodating and receptive.

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Click here to learn more about the Global Talent Visa. 

How can Work Visa Lawyers help?

If you are interested in the Global Talent Visa or needs help with this visa, Work Visa Lawyers can assist you.

Work Visa Lawyers is highly experienced in all parts of the Global Talent visa application process. We are able to assist with all aspects of the application, and can also provide advice in relation to:

• your eligibilityfor a Global Talent Visa
• documents to demonstrate your skills and ability to attract the FWHIT salary

Work Visa Lawyers will provide an eligibility assessment before advising you to proceed with a visa application.

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Global Talent EOI, visa application or appeal.

Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.

You can book an appointment online  or call us at (+61) 8 8351 9956.

This article is not intended to be or taken as migration legal advice. The author of this article disclaims any liability for any action or omission on the information provided or not provided in this article. You should always consult an immigration lawyer or a registered migration agent (like Work Visa Lawyers) to form an informed opinion on your immigration matter.