Australia has scrapped its “golden visa” scheme intended for wealthy overseas investors looking to obtain residency in the country. The scheme, which allowed foreign business people to live in Australia, has been axed due to its poor economic outcomes and concerns over the program being used by corrupt officials to hide illicit funds. Introduced in 2012, the program was intended to attract foreign investment and innovation by requiring candidates to invest more than $3 million in Australia. However, the government found that the visa scheme did not fulfill its core objectives, leading to its replacement with visas aimed at skilled migrants capable of making substantial contributions to Australia.
The visa program’s termination has been met with approval from experts and officials who have long criticized the scheme for its vulnerabilities and susceptibility to exploitation. The move to cancel the golden visa program makes Australia the latest country to step away from fast-track residency schemes amid concerns of illicit wealth and corruption. The decision comes after a series of intense scrutiny, with concerns being raised about potential money laundering and abuse of the visa system. Overall, the cancellation of the “golden visa” program demonstrates Australia’s commitment to addressing the vulnerabilities and loopholes in residency schemes to prevent illicit financial activities.
The government’s decision to scrap the program has offered a new direction by focusing on issuing visas for skilled migrants who can make significant contributions to Australia’s economy. The move aligns with the ongoing efforts of other countries, such as the UK, Malta, and the EU, to review their residency schemes to address potential risks of money laundering, tax evasion, and corruption. As countries around the world prioritize robust and transparent immigration systems, the cancellation of the “golden visa” program in Australia represents a significant step in aligning immigration policies with broader economic and security objectives.