The “golden visa,” which allowed affluent foreign investors to reside in Australia, has been abolished. It was eliminated in an immigration reform because the government discovered it was “delivering poor economic outcomes” while being intended to draw in foreign investment. Critics have long maintained that “corrupt officials” were “parking illicit funds” through the program. There will be more skilled worker visas in its stead. Since 2012, the program has awarded thousands of significant investor visas (SIV), with China accounting for 85% of the successful applicants.
Promoted as a means of stimulating foreign investment and fostering innovation, eligibility required an investment of more than A$5 million (£2.6 million;$3.3 million) within Australia. The administration discovered after several evaluations that the program had fallen short of its main goals. It declared in a December policy statement that it will eliminate it and instead concentrate on granting more visas to “skilled migrants” who are able to “make outsized contributions to Australia.” “This visa is not delivering what our country and economy needs, as has been evident for years,” said Clare O’Neil, Minister of Home Affairs, in a statement on Monday.
Transparency International Australia’s chief executive, Clancy Moore, praised the decision, telling the BBC that “for far too long corrupt officials and kleptocrats have used golden visas as a vehicle to park their illicit funds in Australia and arguably hide their proceeds of crime.” The program’s purported “loopholes” and “vulnerabilities” have previously drawn harsh criticism. The Magnitsky Act, a US statute intended to hold individuals accountable for crimes done abroad, was allegedly created by Bill Browder, who is also credited with criticizing the plan.
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