Australia cancels its ‘Golden visa’ for foreign investors
by | January 22, 2024
The government of Australia has decided to stop issuing the 888 visa, also known as the ‘Golden visa’. Its goal was to boost foreign investments in Australia, but it was found to be "delivering poor economic outcomes".
What happened with the ‘Golden visa’ for Australia?
In order to be able to obtain the ‘Golden visa’, foreign citizens had to invest more than 5 million in Australia currency. This equates to 3,3 million US dollars and 3,02 million euros. In exchange, the investor would be able to reside permanently in Australia.
Out of the thousands of visas granted since 2012, most of them were to Chinese investors. According to the Australian government, about 85% of all visas went to citizens of China.
However, after careful reviews, the government of Australia determined that this visa was not only failing to meet its key goals, but it was also being manipulated by “corrupt officials” for illegal reasons (for example, money laundering).
What will Australia do next to keep trying to boost its tourism sector and economy? It will replace the ‘Golden visa’ with more skill-oriented visas for foreign workers.
