LOADING...

CLICK HERE to Register your Business with Us

final 01
Australia ends golden visa under sweeping migration reform

Australia ends ‘golden visa’ under sweeping migration reform

Major revisions to its immigration policy include a temporary suspension of the Significant Investor visa program, better known as ‘Golden Visa’ by Australia. The decision is a part of the program that aims at attracting more highly skilled migrants and addressing problems with misuse of investor visas and their negligible economic benefits. This change took place in a period when Australia witnessed rapid immigration, with more than half a million people entering the country during the fiscal year ending June 2023.





 

** Check required documents for Australian Immigration with Australian Visa Application Document Checklist Tool  for free.

EQB2OYjVUAEWiPR

The Significant Investor program is one of the most controversial programs since it required an investment above A$5 million ($3.3 million) to be eligible for a visa and did not bring significant benefits to productive sectors of the economy, often directing funds into real estate or financial assets. Minister for Home Affairs Clare O’Neil focused on a migration system that is more beneficial to Australia. The suspension is part of a wider immigration policy that the center-left Labor government has introduced in December to limit immigrants to pre-COVID levels. This approach involves tackling the abuse of student visas and targeting skilled migrants to close workforce gaps.

**Check your eligibility to Australia with V&I Australia Points Calculator for free.

jobs n recruitment 970 × 90 px

** Willing to migrate to Australia? V&I will guide you in step by step process.

According to “The Australian” newspaper, the program was likely to be completely canceled. O’Neil, however, had earlier pointed out that the program had its drawbacks as it appealed to people at the retirement phase of life and thus cost more than benefits for Australia. Additionally, a report by the Grattan Institute, an Australian think tank in September 2022 found that the visa generated little tax revenue but cost the economy significantly in services provided to the visa holders.





 

 

*Want to work in Australia? V&I is here to help you.

We hope you found this information helpful. Follow our blogs for the latest updates and informative content on Australia immigration.

Share:

Related Posts

Leave a Comment

Stay in the loop and never miss a beat - subscribe to our newsletter now!

ADVERTISEMENT

FOLLOW US

11.2K Members

Join Our Group

3,324 Likes

Follow on Facebook

504 Followers

Follow on Twitter

437 Followers

Follow on LinkedIn

350K+ Subscribers

Subscribe on Youtube

5,497 Followers

Follow on Instagram

MOST RECENT

Have a Question?

Let us know about your queries by leaving us a message.