Following Greece, Ireland, Portugal, the Netherlands, and Spain, Australia has scrapped its golden visa programme, known as the Significant Investor Visa (SIV), and will issue more Skilled Worker Visas.
Since its implementation in 2012, thousands of SIVs have been issued. Now, the Australian government is criticising the scheme as it has found that the visa is not delivering the desired economic support. There are also concerns that the SIV is being used to hide illegal foreign funds and other nefarious activities, reports ndtv.com.
The visa required foreign nationals to stay in Australia for up to five months per year and invest at least AUD5 million (R62 million). Of this approved investment, 60% had to be invested in non-residential real estate, corporate bonds and shares, reports indepedent.co.uk.
According to the Australian Treasury, golden visa citizens contribute marginally to the workforce and cost more in public services than they pay in taxes over a lifetime.
