Golden visa has been an impressive policy followed by many big countries to invite investors to their nations. However, there has been some criticism over the misuse of the golden visa and Australia is the latest victim. Australia has decided to axe its golden visa policy as part of an immigration policy overhaul. Many believe this move comes after the policy came into the spotlight for its growing misuse in the country and yielding poor economic outcomes. Here are all the details about it.
Australia Scraps Golden Visa – What’s Going To Happen Next
Known as the Australian Significant Investor Visa (SIV), the Golden Visa, was first introduced in Australia by the Julia Gillard government in 2012. The programme aimed to bring foreign business to the country. And also let wealthy overseas investors live in Australia to grow their businesses. Now, the Australian government has decided to put a hold on this program as part of a bigger immigration policy overhaul. They now want to focus on giving visas to skilled workers.
Australian Home Affairs Minister Clare O’Neil said, “The investor visa is one of many aspects of the system which we are reforming to create a system which delivers for our country.” In a major review reported by SBS News, it was found that skilled migrants contribute USD 300,000 more to the Australian economy than those who bought their way into the country.
Also Read: Golden Visa Guide: What It Is, How They Work, Advantages & Who Can Apply
What Went Wrong For This Policy In Australia?
The golden visa is an investment immigration offered to High Net Worth Individuals (HNWI) for permanent residency in Australia. For this, the HNW required a minimum investment of USD 5 million in Australia. There were no age limits or requirements for the visa holders to learn or speak in English.
Thousands of SIVs have been granted since its introduction. However, the Home Affairs Minister mentioned that the visa was “delivering poor economic outcomes.” This was mainly because it was used by “corrupt officials” to “park illicit funds.” She further mentioned that the system was broken and was not delivering what the Australian economy needed.
What are your thoughts on this move by the Australian government?
Cover Image Courtesy: Canva
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