Australia’s Global Talent Visa Program, also known as the Global Talent Independent Program, is making waves across the Pacific, attracting dynamic, high-profile business leaders to the country’s shores, with many hailing from the US. The program is fine tuned to attract only the world’s premium business talent, and this highly targeted approach has proven to be a great success as clients include top Palo Alto executives and leading Tech CEOs.
The program is aimed at highly skilled individuals and high-income earners and was expressly designed to grow Australia’s innovation and tech economies. The seven future-focused target sectors: AgTech, Space and Advanced Manufacturing, FinTech, Energy and Mining Technology, MedTech, Cyber Security, and Quantum Information, Advanced Digital, Data Science and ICT. With no age limit or investment prerequisite, the only requirements for applicants are to be internationally recognized, prominent in their field, and able to provide evidence of outstanding achievements. There are 15,000 places available in 2020–2021, and successful applicants can obtain fast-tracked permanent residence for the whole family within six weeks and have a full five years to make the move Down Under. Places are also available to internationally recognized master’s and PhD students who can demonstrate their exceptional talent.
Director of leading international citizenship and residence advisory firm Henley & Partners’ Australia office, Tony Le Nevez, says the country’s prosperity, safety, and excellent quality of life make it a highly sought-after destination for high-net-worth individuals and entrepreneurs. “Stimulating innovation — and tech innovation in particular — should be a non-negotiable for any sovereign state in the current context. By attracting and harnessing the world’s cutting-edge talent, Australia’s permanent residence offering will ensure that the country stays well ahead of the game. The coronavirus-related events of 2020 have provoked a desire for change, leading many individuals to seek out alternative options. We have seen a huge spike globally in interest in investment migration programs, and from Americans in particular. The Global Talent Visa Program presents a perfect opportunity for matching top global talent with a safe, reliable, and successful country that is forward looking.”
Dominic Volek, Henley & Partners Group Head of Private Clients, says “Contrary to what many believe, residence and citizenship programs are not the exclusive domain of nations that are struggling economically or starved of foreign capital. Nineteen of the Group of 20 nations, including the UK and the US, offer a mechanism to attract inward investment in exchange for residence rights. Sixty percent of EU member states offer investment migration programs. These highly developed nations design and implement these programs for the same reasons small and developing nations do — to attract foreign capital, skills, and knowledge to stimulate their domestic economies.”
For successful HNWI who might not be the next Steve Jobs, Australia offers various pathways to permanent residence. Under the Skilled – Investment/Entrepreneurial program there are six main streams for business innovators, investors, significant investors, entrepreneurs, business talent, and venture capitalist entrepreneurs, with minimum requirements ranging from business turnover of AUD 500,000 and net assets of AUD 800,000 (Business Innovation stream) to committing at least AUD 5 million into a complying Australian investment for at least four years (Significant Investor stream). If Australia appeals, it is advisable to apply in the next six to eight months, as significant changes are on the horizon with an announcement expected in July 2021.