Australia has decided to eliminate its “golden visa” program, which allowed wealthy foreign investors to obtain permanent residency in the country. The Australian government terminated the scheme after determining that it did not yield the desired economic results. Introduced in 2012, the program enabled High Net Worth Individuals (HNIs) to live in Australia in exchange for an investment of at least $5 million in approved ventures. However, critics argued that the scheme facilitated money laundering and allowed individuals with limited business knowledge to reside in the country. In response, the Australian government will focus on issuing visas to skilled workers who can contribute significantly to the nation’s economy. Similar investment visa programs have also been abolished in Canada, Britain, and Singapore due to allegations of abuse by wealthy individuals and a lack of benefits for the respective countries.
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Australia has discontinued its “Golden Visa” program for wealthy individuals and will introduce a new alternative.
