Australia Scraps 'Golden Visa' Scheme for Wealthy Foreign Investors
Australia has recently made changes to its migration policy, focusing on skilled workers rather than investment-based visas, a departure from some European countries that offer "Golden Visa" programs. Contrary to some reports, Australia does not currently operate a Golden Visa program like those in Europe.
The termination of the "Golden Visa" program in Australia has been a topic of discussion, but it is important to clarify that there is no such program in place in the country. European countries like Portugal, however, have ended or reformed their Golden Visa schemes due to controversies involving illicit funds, real estate market distortions, and security concerns.
Portugal's decision to align with EU-wide calls for more stringent immigration policies is a move towards residency and economic contribution, rather than passive investment. This shift aims to reduce the risks of money laundering and ensure that migration supports skilled labor and genuine settlement, not just capital inflows.
In contrast, Australia's migration policy reforms focus on skilled worker criteria, including increased income thresholds to protect local wages, and regional migration programs to attract innovation and address labor shortages. These changes aim to improve fairness and economic outcomes, without an investment-for-residency scheme comparable to a Golden Visa.
The Australian government has not announced any termination of a Golden Visa program. Instead, the focus remains on traditional skilled migration pathways and sponsorship schemes, with rules tightened to balance migration benefits and economic integrity.
It is worth noting that in 2022, The Australian reported that individuals associated with Cambodia's Hun Sen regime exploited the Australian golden visa system. This incident underscores the need for ongoing scrutiny and reform of immigration policies to prevent misuse and maintain the economic and security interests of the country.
For reliable details on Australian migration pathways and updates, consulting official Australian government or migration law sources remains essential.
"Despite reports suggesting otherwise, Australia does not currently have a Golden Visa program, unlike some European countries. Instead, Australia's focus in business and finance is on skilled worker criteria and regional migration programs, aiming to foster innovation and address labor shortages."
"In Europe, as a response to controversies involving illicit funds, real estate market distortions, and security concerns, countries like Portugal have reformed their Golden Visa schemes to prioritize residency and economic contribution over passive investment."
