Australia has ended its “golden visa” program, which allowed wealthy foreign investors to live in the country. The decision was made as part of an immigration overhaul because the government found that the program was not providing good economic results. Critics have claimed that corrupt officials were using the scheme to hide illegal funds. The program, which began in 2012, granted thousands of significant investor visas (SIV), with the majority of successful applicants coming from China.

Originally designed to attract foreign business and promote innovation, candidates had to invest over A$5 million in Australia to qualify. After several reviews, the government concluded that the program didn’t meet its main goals. In December, a policy document announced the discontinuation of the program, with a shift towards creating more visas for skilled migrants who can make significant contributions to Australia.

Minister for Home Affairs Clare O’Neil stated, “It has been clear for years that this visa is not delivering what our country and economy needs.”

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