Will the Abolition of the 888 Visa Affect Current Applicants or Just Future Ones?

[Jalphonse]

Hello PomzinOz Community,

I’m reaching out for some clarity amidst the recent changes to the 888 Visa. After reading about its abolition [https://www.dailymail.co.uk/news/article-12990395/888-visa-Australia-Major-change-Chinese-investors.html], I'm left wondering about the implications for those of us who have already submitted our applications versus those planning to apply.

Here’s my dilemma:

• Does anyone know if the abolition of the 888 Visa is going to impact current applicants retrospectively, or is it only going to affect new applicants moving forward? I am a 888B Investor Visa applicant.
• And, in the spirit of looking for a silver lining, do you think these changes could potentially lead to faster processing for the existing 888 visa applications?

I'm really hoping to get insights from anyone who's either in the same boat or has navigated similar changes before. Your experiences, any advice, or information you can share would be immensely helpful.

Appreciate your time and help in advance!

Best,
John

Edited January 27 by Jalphonse
mistake

[Steve Elliott]

Great question Jalphonse

This is one of the niche areas I specialise in.

Firstly, the media reports were all incorrect and the visa has not been abolished. It is however closed to new applicants. 

The original article was published in "The Australian" newspaper by a journo who simply did not check her facts. The 188/888 program has been suspended, pending a review. My take on the situation is that the Government is looking to potentially create a new visa, or redesign the existing 188 to attract a targeted group of entrepreneurs, investor, and talented individuals. 

To answer your questions.

If you were nominated via an EOI, and have already successfully made a valid visa application, you are fine. It is the requirements which were in place at the time of making the application which apply. 

While logic would suggest the absence of new applications should increase processing times (they can't get any slower !, there is no logic when it comes to processing  times and priorities. There are literally thousands of 188s which are 2-3 years old, simply collecting dust and are not being processed as the government has been clearing backlogs elsewhere. You just have to sit tight for the time being. It's frustrating and everyone is complaining about this. They will be processed at some point in time, but "when" is the big question.

 

 

[Jalphonse]

Hi Steve,

Thank you so much for clarifying the situation with the 888 Visa. You have eased my concerns and those of many others in the community, I'm sure.

It's a relief to hear that existing applications remain unaffected by the suspension. Although the wait and uncertainty around processing times can be daunting, having a clearer understanding of the current state of affairs is incredibly valuable.

I truly appreciate the time you've taken to share your knowledge. If there are any updates or further insights you come across, please do share them in this thread. It would be immensely helpful for all of us navigating the 188 and 888 visa pathways.

Best regards,
John

[Steve Elliott]

4 hours ago, Jalphonse said:

Hi Steve,

Thank you so much for clarifying the situation with the 888 Visa. You have eased my concerns and those of many others in the community, I'm sure.

It's a relief to hear that existing applications remain unaffected by the suspension. Although the wait and uncertainty around processing times can be daunting, having a clearer understanding of the current state of affairs is incredibly valuable.

I truly appreciate the time you've taken to share your knowledge. If there are any updates or further insights you come across, please do share them in this thread. It would be immensely helpful for all of us navigating the 188 and 888 visa pathways.

Best regards,
John

No problems at all.

My personal perspective is that the door has been closed for anyone considering applying for a business visa (188). Given the 188 is a provisional visa pathway which leads to a 888 after a qualifying period, holders of a 188 will still be able to apply for the PR 888.

For those "locked out", all I can suggest, in the absence of other pathways, is to wait until the government reveals details of what I believe will be a new visa or dramatically redesigned 188, which will look very different. The only clues we have are comments the Government liked some aspects of the Significant Investor Stream which I suspect means they liked the flow of new funds flowing into Venture Capital and Private Equity. They weren't as keen on the investor stream as it really didn't create jobs, encourage innovation. Likewise the business innovation stream had relatively low thresholds and I suspect post visa grant surveys/analysis would have revealed the majority of businesses invested in and or created were not the innovative, high growth, job creating business hoped for.  

Given Government has indicated the migration program should be demand driven, (demand from Australia and NOT the applicant), I suspect thresholds will rise significantly and some streams as we know them today will unlikely never resurface. I think also, in line with International trends, having big pots of money to bring to Australia, simply won't be enough. Quite often big pots of money seeking a new home can indicate ulterior motives, which is why Australia has some very rigorous AML/CTF (Anti Money Laundering/Counter Terrorism Funding) legislation.

When I have something solid to post, I will do so.

Suffice to say, If any forum members have an undecided 188 in the system,  feel free to reach out.