After UK, Australia ceases Golden Visa scheme, read details

New Delhi: Set back for those eyeing a golden visa in Australia as after the United Kingdom, the Australian government has ceased the issuance of this visa, closing off new applications. Previously, the UK had also terminated its Golden Visa facility in 2022, citing concerns about potential increases in money laundering and corruption.

According to a Bloomberg report, this decision aligns with a broader immigration policy shift designed to attract more skilled immigrants.

The Golden Visa, requiring a substantial investment of $3.3 million (equivalent to 5 million in Australian currency) in Australia, has been halted. Claire O’Neill, Australia’s Home Affairs Minister, reported to Bloomberg that all applications for the Critical Investor or “Golden Visa” program have been blocked.

The minister emphasized the government’s intent to reform various aspects of the country’s immigration system, with the visa program being a key focus. O’Neill stated that these changes aim to “create a system that is beneficial to our country.”

In line with the new regulations, Australia seeks to bring down the number of new immigrants to pre-Covid levels by mid-2024. The goal is not only to prevent the misuse of student visas but also to concentrate efforts on attracting skilled immigrants, addressing skill gaps in different sectors of the economy.