Australia discontinues 'Golden visa' scheme for rich investors

picture: Online

Australia discontinued its so-called "golden visa," which allowed rich foreign investors to live in this country. It will be replaced with additional skilled worker visas. 

Designed to promote foreign business, it was canceled in an immigration revision after the government discovered it was "delivering unsatisfactory economic outcomes."

Critics have charged corrupt officials of using the plan to hide illicit payments. The scheme will be replaced with more skilled worker visas.

Since 2012, the program has given thousands of significant investor visas (SIV), with China accounting for 85% of successful applications, according to government data.

Candidates were required to invest more than A$5 million (£2.6 million; $3.3 million) in Australia to be eligible for the program, which was marketed as a tool to encourage international investment and innovation.

After several assessments, the government discovered that the system had failed to accomplish its primary objectives. In a December policy statement, it declared that it would eliminate it, focusing instead on issuing extra visas for "talented migrants" capable of "making outsized contributions to Australia."

"It has been evident for years that this visa does not offer what our country and economy require," Minister for Home Affairs Clare O'Neil said in a statement on Monday.