CEO’s who had applied for permanent residency before 1 July and are awaiting approval from the Immigration Department will no longer be impacted by the retrospective application of the Government’s new permanent residency rules.
Foreign executives and senior managers had expressed backlash from being excluded from permanent residency and the government has since backed down on their decision to apply the changes retrospectively.
Under the new rules, only CEO’s earning above $180,000 per year and who are under the age of 45 years will be able to apply for a permanent skilled visa. Hundreds of applications currently being assessed by the Immigration Department would have been rendered ineligible if the changes were to be applied retrospectively.
The Australian Financial Review have reported that industry bodies are lobbying for the changes to be reassessed amidst concerns that the changes may cause senior executives to pursue their options outside of Australia.
David Martin-Guzman, Workplace Correspondent for The Australian Financial Review said, “Immigration is not just about growing the population. It’s about the ability of Australian companies to bring in executives with wide global experience, who can share their expertise and make our business and the nation a whole more prosperous.”
Interstaff will keep you updated regarding any further revisions to Australia’s skilled migration program. Read about the revised changes to the skilled occupation lists for 457 visas here or to find out if you are eligible for a skilled visa, we encourage you to contact Interstaff’s registered migration agents for a free visa assessment at email@example.com or on (08) 9221 3388.