Australia has halted its “Golden Visa” program, initially designed to attract foreign business, providing affluent overseas investors the privilege to live in the country. The Australian Significant Investor Visa (SIV), dubbed as Golden Visa, was introduced by the Julia Gillard government in 2012.
It offered a streamlined pathway for High Net Worth Individuals (HNWI) to permanent residency through investment immigration. The visa required a minimum investment of USD 5 million in Australia, in exchange for automatic permanent residency. Aside from no age limit, holders of the investor visa weren’t required to learn or speak English.
Since 2012, thousands of SIVs have been granted, with 85 percent of successful applicants coming from China, BBC reported. It was found that the visa was “delivering poor economic outcomes” and was being used by “corrupt officials” to “park illicit funds.” Australia’s Home Affairs Minister Clare O’Neil said the troubled programme was part of a “broken” system the Labour government had inherited. “It has been obvious for years that this visa is not delivering what our country and economy needs from a migration system,” she said on Monday.
A major review of the migration system found skilled migrants contribute USD 300,000 more to the economy over their lifetime than those who bought their way into the country, SBS News reported. It also found that a targeted talent and innovation visa would create a streamlined pathway to attract highly skilled migrants, including entrepreneurs, investors and global researchers to drive growth in key sectors.
Read More: Australia to Tighten Visa Rules for Intl Students; Tougher English Tests and More to Fix ‘Broken System’
Last month, the Australian government said that it would tighten visa rules for international students and low-skilled workers which could halve its migrant intake over the next two years. This decision was aimed at overhauling what the government said was a “broken” migration system. As per the new plan, international students would need to secure higher ratings on English tests and there would be more scrutiny on a student’s second visa application that would prolong their stay.
“Our strategy will bring migration numbers back to normal,” O’Neil said last month during a media briefing. “But it’s not just about numbers. It’s not just about this moment and the experience of migration our country is having at this time. This is about Australia’s future.” The decision comes after roughly half a million temporary migrants entered the country in the last year, a post-pandemic boom after years of closed borders. The government believes its reforms — along with short-term trends — will bring the number closer to 250,000 in 2024-2025.
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