Australia's 'Golden visa' program for affluent investors terminated

Australia has terminated its "Golden Visa" program, which allowed wealthy foreign investors to live in the country. The program, aimed at attracting foreign business, was eliminated as part of an immigration overhaul after the government found that it was not yielding positive economic outcomes. Critics have long argued that the scheme was being abused by corrupt officials as a means to hide illicit funds. The program, which has granted thousands of Significant Investor visas since 2012, will be replaced with visas for skilled workers. The decision comes after multiple reviews revealed that the scheme did not meet its intended objectives. The Australian government plans to focus on creating more visas for skilled migrants who can make significant contributions to the country. The program has faced scrutiny for alleged loopholes and vulnerabilities, with concerns raised about its potential for money laundering and insufficient business acumen. While some asset managers argue that the follow-on investment from the visas has exceeded the required amount, others have pointed out cases of misuse by members of certain regimes. Australia's decision to terminate the Golden Visa program mirrors a similar move by the UK in 2022, when it ended a scheme offering fast-track residency to wealthy individuals due to concerns about the influx of illicit Russian funds.