SYDNEY - Paul Wang, who left Beijing in 2018 to settle in Australia, invested A$1 million ($680,000) in a food processing business, aiming to obtain permanent residency through Australia's investment visa scheme.

However, after five years, Wang and his family's aspirations are in a state of uncertainty as the government has temporarily suspended the contentious "Golden Visa" program. As a result, processing times have significantly extended, leaving affluent migrants like Wang in a state of limbo.

Wang, aged 44, expressed his disappointment, stating, "We were not anticipating such a prolonged wait. It has disrupted our lives significantly, leaving us unable to make plans due to the prevailing uncertainty."

In 2012, Australia introduced the Business Innovation and Investment Program (BIIP) with the aim of stimulating economic growth by attracting affluent business owners, investors, and entrepreneurs.

However, the outcomes have fallen short of expectations. A government review conducted in March revealed that migrants under the BIIP made a lesser economic contribution compared to the average Australian. 

Despite their wealth, this group tended to be older and earned lower incomes primarily through passive investments' capital returns.

The Australian government's Business Innovation and Investment Program (BIIP) has faced criticism as a review revealed that BIIP holders contribute less to the economy compared to the average Australian. Processing times for BIIP permanent visas have significantly increased under the current government, resulting in delays of nearly three years, leaving many applicants, including Paul Wang, in limbo.

Similar investment visa schemes in other countries have been abolished due to concerns about job creation and speculative money. Despite improvements in processing times for other visa categories, the backlog for BIIP holders, particularly Chinese nationals, has continued to grow.

Applicants of Australia's Business Innovation and Investment Program (BIIP) are planning a protest against the government's policy shift, which has led to visa delays and uncertainty for wealthy migrants. The government has not commented on the complaints from BIIP holders but has stated that all visas will be processed according to priority. The government intends to release a new migration strategy that will reshape the BIIP program.

Concerns have been raised that the government may consider scrapping the program, as it plans to reduce the number of BIIP visas allocated. BIIP holders are facing challenges, including curtailing business investments, postponing life decisions, and holding onto loss-making businesses to maintain visa prospects.

The delays have caused stress and frustration, with some individuals considering selling their assets and leaving the country. BIIP holders believe they are not being treated fairly and their concerns are not widely understood.