Australia planning to lose the Golden Ticket program claiming not being very useful
The Australian government is reviewing the Golden Ticket program or the Significant Investor Visa SIV program again. SIV is a program where investors from around the world can invest $5 million in Australia’s economy and get a permanent residency here.
This program was mainly introduced by the Government to strengthen the economic sector of the country by aiding the financial contribution through this program. The main requirement for investor’s is to maintain the investment upto five years according to the visa terms.
But according to the statement of Home Affairs Minister Clare O’Neill this program is not very beneficial to the country and shall not be continued. She claimed that she doesn’t see any significant benefits of the program.
In a statement the minister said, “It’s actually costing us on the average for each person because these are those who are generally coming in at quite an late stage of their life, often at the top of their business career and coming to Australia, basically to relax and retire. I can’t see plenty of reasons to stay it,”
The Minister also pointed that this program will not likely to be continued in the future as per the reviews from years.
According to the minister, Australians don’t like the idea of a visa category which can buy the foreign national’s way in their home country. They are offended by the idea. People have different opinions regarding this program.
The scheme is often criticized stating it may permit many illegal actions.
In 2019 Andrew Martin, the Managing Director of Asset Management at Moelis Australia stated that the scheme made a significant contribution to the economy of the Country by pointing out the follow up contribution four times more than the required. The follow-on investment from SIV investors is $50 billion, adding a significant impact on the Australian Economy.
In accord with Home Affairs Minister Clare O’Neill, the Chief Executive Clancy Moore, stated that she also agreed with the decision of Australian Authorities on the Significant Investor Visa SIV program aka Golden Visa Program to scrap.
Moore also stated that the review in immigration programs is perfect to scrap the uneven visa categories and make a fair system for all by closing unfair means to obtain visas. Australia also announced to raise some immigration application fees by 3%.
