Australian Government Abandons Major ‘Golden Ticket’ Program

New applications for the Business Innovation and Investment Program are no longer being accepted. This program includes the so-called Golden Visa, which enables wealthy foreigners to essentially purchase their way into the nation. According to the Grattan Institute, allowing more skilled workers to enter the workforce, the decision will increase the economy by several billions of dollars over the next ten years.

The Significant Investor Visa (SIV) program was implemented with the intention of luring affluent international investors to the nation. The government’s examination of the program, which was supposed to spur economic growth, found that it was failing to produce the desired results and had turned into a shelter for corruption. This led to the decision.

Introduced in 2012, the Significant Investor Visa (SIV) program permitted international investors to attain Australian residency through a minimum investment of $5 million. Nevertheless, the government observed that the program wasn’t meeting its intended goals and, instead, was becoming a channel for “corrupt officials” to place unlawfully acquired funds.

From a peak of about 11,000 seats in 2020 to mid-2022, to 5,000 spots in the financial year 2022–2023 and barely 1,900 spots scheduled for current financial year, the number of visas available through the pathway has gradually decreased.

The lifetime economic contribution of BIIP holders was estimated by a government study of the program published in March of last year to be $600,000, which is less than half of the $1.6 million of Australians.

In December of last year, Labor made public its proposals to overhaul Australia’s immigration laws, to make the visa application process more stringent for foreign students and migrant workers.

In line with the plan, a new “skills in demand” visa will be introduced in late 2024 to attract highly talented immigrants to sectors of the economy that are severely short-staffed. Holders of the visa will be able to switch jobs while maintaining their nationality.

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