Australia has announced the discontinuation of the
Significant Investor Visa (SIV), the contentious "golden visa"
program, on worries about subpar economic results, corruption, and a dearth of
qualified investors.
The initiative, which provided residency in exchange for a large financial investment, has drawn criticism for what was seen as its detrimental effects on the economy. Now, the emphasis is on finding talent for important industries.
The Significant Investor Visa (SIV) program was discontinued
in Australia due to unsatisfactory economic results and worries about abuse by
dishonest officials and money launderers. The initiative drew in investors with
little experience in business, which led to the economy receiving meagre
contributions. Chinese investors received 85% of SIVs, raising national security concerns and potentially distorting economic advantages. The
decision aligns with a worldwide trend since many European
nations—including the UK—have stopped offering residency-by-investment schemes
like golden visas. The UK ended its residence program based on investment in
2022 because of worries about money laundering, especially from Russia. The
administration wants to swap out the investment-based program with one that
gives priority to people who are experts in important areas.
Many saw Australia's decision to end its "golden
visa" program, which drew foreign investment and boosted the country's
economy, as a move in the right direction toward a more open and merit-based
immigration system. CEO of Transparency International Australia, Clancy Moore,
applauded the action for fighting corruption and concealing
money laundering. Australia has placed a strong emphasis on skilled labour
because it understands how important it is to draw people who can advance the
country's social and economic development. For other nations dealing with
comparable issues, this could offer insightful information.
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