On 21st January Australia decided to scrap its Golden Visa program, which provided rights to overseas wealthy investors with the right to stay in Australia. The Australian government declared that significant investor visas have given bad economic outcomes to the country and therefore will be replaced with skilled-based visas. Significant investor visas were targeted to drive investment and boost innovative activities in the nation. To be eligible for such a visa the candidates are required to pay 5 million Australian dollars in the country.
The list of successful applicants was dominated by Chinese Investors as per the data which showed that about 85% of the SIVs (Significant Investor Visas) were granted to people from China. The government of Australia announced that the golden visa program was not only misused but also allowed people with less business knowledge to stay in the country.
“Golden Visas” Banned Across the World
Not only Australia but also other European countries including the United Kingdom have banned similar programs as the Golden Visas to stop the inflow of illegal money. The UK banned its investment-driven residency program in the year 2022 as the money launderers were misusing the same to live in the UK.