As part of a thorough immigration reform, Australia has ended its “golden visa” scheme, which permitted wealthy overseas investors to live there, according to the BBC.
The move was made in response to a government study that found the program had not produced the desired economic results and that skilled worker visas had taken its place.
Thousands of significant investor visas (SIV) have been issued since the program’s launch in 2012, with China accounting for 85% of the successful applicants. Candidates had to invest more than A$5 million in Australia to be eligible for this program, which was marketed to encourage innovation and draw in international investment.
According to Clare O’Neil, Minister of Home Affairs, “it has been obvious for years that this visa is not delivering what our country and economy needs.”
Transparency International Australia CEO Clancy Moore applauded the decision but highlighted concerns that unscrupulous officials might use the scheme to launder money.
The golden visa program’s purported flaws and dangers have long alarmed critics. A government investigation in 2016 voiced concerns regarding possible money laundering, and in 2022, The Australian newspaper published stories on the Hun Sen regime in Cambodia abusing the system.
The UK similarly discontinued its fast-track immigration scheme for affluent individuals in 2022, citing worries about money laundering from Russia, so the decision is consistent with global trends.
Analyses of similar “golden visa” programs in Malta have revealed quick citizenship granting, raising concerns from the EU over potential for money laundering, tax fraud, and corruption.
