Australian Golden Visas for foreign investors are becoming a thing of the past. The aim of this scheme was to attract significant investment and innovation to Australia. But the visas were mainly purchased by corrupt officials to withdraw illicit funds.
The Australian Golden Visa has been around since 2012. Foreign candidates can obtain the visa for investments worth 5 million Australian dollars (more than 3 million euros). This allowed businessmen to come and live in Australia.
Thousands of these types of visas have been granted so far, 85% of them to Chinese. But the government is not happy with the results. “It has been clear for years that this visa does not deliver what our country and economy need,” Home Affairs Minister Clare O’Neill said in a statement on Monday.
According to the NGO Transparency International Australia He wrote that corrupt officials abused this scheme to withdraw illicit funds BBC. The UK canceled a similar program in 2022 due to the flow of illicit Russian money into the country after the invasion of Ukraine.
Australia is replacing its visa system for the wealthy with a visa for workers who can make a private contribution to the country. The person's education is then taken into account.
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