Australia has waved goodbye to its "golden visa" program, a scheme that paved the way for wealthy overseas investors to gain residency in exchange for hefty investments.
This decision, announced in December 2023, marked a significant shift in Australia's immigration policy, prioritizing skilled workers over deep pockets.
Golden Visa
Launched in 2012, the golden visa, officially known as the Significant Investor Visa (SIV), promised a fast track to permanent residency for individuals willing to invest a cool A$5 million (approximately £2.6 million or $3.3 million) in Australia.
The program, initially marketed as a magnet for foreign business and innovation, soon faced a storm of criticism.
Critics' Concerns
One major concern was the potential for the golden visa to become a haven for illicit funds.
Transparency International Australia, an anti-corruption watchdog, argued that corrupt officials and criminals could exploit the program to launder dirty money and hide their ill-gotten gains.
Additionally, the scheme was criticized for attracting individuals with limited business expertise, failing to deliver on its promise of boosting Australia's economy.
Government Takes Action
After years of scrutiny and internal reviews, the Australian government decided enough was enough.
The program, they concluded, was simply not delivering on its core objectives.
In a statement, Minister for Home Affairs Clare O'Neil declared, "It has been obvious for years that this visa is not delivering what our country and economy needs."
Skilled Workers Take Center Stage
Scrapping the golden visa paves the way for a revamped immigration policy centred on skilled workers.
The government's new focus is on attracting individuals with specialized skills and expertise who can make a substantial contribution to Australia's growth and prosperity.
This shift resonates with the recent move by the UK, which also axed its golden visa program in 2022, citing concerns about illicit money inflows.
Global Trend Under Scrutiny
Australia's decision is part of a broader global trend of reevaluating golden visa programs.
Countries like Malta, known for its fast-track citizenship program for wealthy non-EU nationals, have also come under fire for potential risks of money laundering and corruption.
The EU itself has raised concerns about these schemes, urging member states to crack down on "golden passports" that may facilitate illegal activities.
