Australia Puts Pause: Australia has pressed pause on applications for its Significant Investor or Golden Visa program, targeting individuals investing over 3.3M USD as part of a broader immigration policy revamp.
Home Affairs Minister Clare O’Neil cited the need for changes in Australia’s migration system to align with the country’s interests. Investor visas globally, including Australia’s, faced criticism for allegedly benefiting wealthy individuals without contributing to national growth, often directing funds into real estate or financial assets rather than the productive economy.
Australia Puts Pause on Visa
Australia’s centre-left Labor government unveiled an immigration strategy in December to revert new arrivals to pre-Covid levels. The plan involved addressing student visa abuse and targeting skilled migrants to address economic gaps.
The move to halt the Golden Visa program aligns with these objectives. In the year through June 2023, Australia witnessed robust immigration, welcoming over 500K individuals.
Reports suggest that the Significant Visa category is slated for elimination, with Minister O’Neil expressing scepticism about retaining special immigration settings for affluent migrants.
She highlighted the fiscal impact, stating that such individuals often arrive late in their careers, settling in Australia for retirement.
The decision reflects a broader reassessment of Australia’s immigration priorities and the need for a more targeted and economically beneficial migration system.
Ongoing reviews and policy adjustments underscore the government’s commitment to shaping an immigration framework that meets the evolving needs of the country and maximizes the contributions of incoming migrants to the Australian economy.
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