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By Stella Qiu SYDNEY (Reuters) -In 2018 Paul Wang left his home in Beijing to start a new life in Australia, investing A$1 million ($680,000) in a food processing business in the hopes of qualifying for permanent residency under the country's investment visa scheme. Five years on, his hopes for his family of three remain on hold as the government has put the controversial "Golden Visa" programme
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Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments.
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