Authorities in Australia are planning to scrap the Significant Investor Visa (SIV) program, also known as the Golden Ticket, which offers visas to all persons who invest at least $5 million in this country.
Australian leaders have introduced such a program in order to bring financial contribution to the country’s economic sector, while holders are required to maintain their investment for the term of the visa, which can be up to five years, VisaGuide.World reports.
In this regard, the country’s Home Affairs Minister Clare O’Neill told Sky News Australia there weren’t many benefits to continuing this program.
“It’s actually costing us on average for every person because these are people who are generally coming in at quite a late stage of their life, often at the end of their business career and coming to Australia, basically to settle down and retire. I can’t see a lot of reasons to keep it,” the Minister pointed out in this regard.
In addition, O’Neil strongly indicated the visa would be scrapped in the near future, following years of reviews and tweaks.
“I think most Australians would be pretty offended by the idea that we’ve got a visa category here where effectively you can buy your way into the country,” the Minister told Sky News.
Australia’s Home Affairs Minister said that she does not see a lot of significant benefits to the country from this program.
The scheme that offers a path to permanent residency has often been criticized for permitting many illegal actions to happen.
However, the program has often sparked controversies, while people in Australia have different opinions in this regard.
Back in 2019, the Managing Director of Asset Management at Moelis Australia, Andrew Martin, stressed that the scheme made a significant contribution to the country.
“It has been estimated that the follow-on investment from SIV investors has been up to four to five times more than the mandatory $5 million, meaning capital invested into Australia could be as much as $50 billion,” Martin pointed out in this regard.
At the same time, the Chief Executive, Clancy Moore, welcomed the decision of authorities in Australia to abolish the Golden Visa program.
In addition, Moore said that the government’s review of the immigration system is a perfect opportunity to abolish the unfair visa category and also close another dirty money loophole.
Previously, authorities in Australia announced that they would also increase some visa application filing fees by an average of three per cent, harmonious with market rates and the country’s Consumer Price Index (CPI).