Australia no longer issues the Golden Visa

Australia is abolishing the so-called "golden visa", which gave wealthy foreign investors the right to live in the country. It was created to attract foreign business people and abolished as part of immigration reform after the government found it was not producing the expected results for the economy. It is being replaced by more skilled worker visas. Since 2012, thousands of visas have been issued to wealthy investors under the program, with 85% of applicants coming from China, according to the government. Applicants were required to invest more than AUD 5 million (USD 3.3 million) in Australia. After several reviews, the government concluded that the program had not achieved its main objectives. Home Affairs Minister Clare O'Neill said on Monday that the visa had not benefited the country or the economy over several years. The government's investigation also found that the visas attracted people with "less business acumen" to Australia than those who would otherwise have come, while providing tax incentives that cost the country dearly.