With more than 25,000 Global Talent Visa’s issued since the program was first launched in 2019 and a further 5,000 places set aside for the 2023/24 financial year, Australia is attracting highly skilled individuals who are keen to make the country their home.
The change in government in 2022 saw a review of the immigration system and an increase to the permanent migration program. At the time, like many developed countries, Australia was facing a severe skills shortage, caused in part by the border closure in 2020 and 2021. During that period, for the first time in its history, Australia saw a net outflow of people resulting in a loss of productivity and revenue for the country.
What is the Global Talent Visa?
The 858 Visa provides a streamlined visa pathway for highly skilled professionals, or for individuals who have achieved prominence in the arts, sports, research or academia. Previously known as the Distinguished Talent Visa and renamed to the Global Talent Visa in 2021, it is designed to attract global talent who are interested in working and living permanently in Australia.
Some of the sectors targeted by the program include agri-food and ag-tech, digitech and fintech, education, health services, infrastructure and renewable energy.
How is the program benefitting the country?
Attracting exceptionally talented and prominent individuals who can raise Australia’s standing in their field will aid increased innovation, the transfer of skills, and job creation.
The increased inflow of highly skilled people, many of whom are classified as high net worth individuals with more than US$1 million (about AU$1,5 million) investable assets, has also seen Australia move to the top of the list in New World Wealth’s 2023 list of destinations forecast to have the largest net inflows of high net worth individuals globally.
Prior to 2020 and 2021 when the pandemic hampered the movement and tracking of millionaires, Australia held the top spot from 2015 to 2019, attracting more than 10,000 millionaires each year. The United Arab Emirates took the honours in 2022.
Australia’s appeal to migrants
With its magnificent climate and lifestyle, high levels of safety, quality education and healthcare systems, Australia remains an attractive destination for those seeking to relocate. The country’s relative remoteness from current global geopolitical hotspots and its proximity to Asia makes it a good base for doing business in China, Japan and Southeast Asia.
The role of Migration Agents and Financial Planners
A skilled migration agent will help determine your eligibility for either the 858 Visa or other more traditional investment visas and to navigate the application process. It is however equally important to partner with a qualified financial adviser who can help you set up the correct financial structures and ensure you are optimising your financial position in the new environment.
Contact our team today if this is something you require more advice on. Our team is well equipped to support those seeking to relocate to Australia.
Karen Haarhoff is passionate about building long-term relationships with clients and working alongside them to achieve their financial and lifestyle goals. She enjoys helping clients make informed, confident decisions about their financial affairs and providing both clarity and structure around these. Karen works closely with those seeking a change of country & the relevant professionals required to bring their dreams to reality.