Australia has stopped its “golden visa” initiative, allowing wealthy foreign investors to live in the country. The decision, part of immigration changes, was made as the government found the program didn’t bring the expected economic benefits.
Critics had concerns that the scheme was used by “corrupt officials” for hiding illegal funds. Launched in 2012, the program granted thousands of significant investor visas (SIV), with 85% of successful applicants from China, as per government data.
Promoted to attract foreign business and foster innovation, candidates needed to invest over A$5 million to qualify. After reviews, the government concluded the program didn’t meet its goals. In December, it announced the program’s end, focusing on creating more visas for “skilled migrants” making significant contributions to Australia.
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