Australia: 'Golden visa' scheme for wealthy investors axed - BBC News

Critics say the scheme - which granted visas to wealthy investors - was attracting "illicit" funds.

6 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, ReutersImage caption, The scheme was originally marketed as a way to drive foreign investmentBy Hannah RitchieBBC News, SydneyAustralia has axed its so-called "golden visa", which granted wealthy overseas investors the right to live in the country.

Designed to attract foreign business, it was cut in an immigration overhaul after the government found it was "delivering poor economic outcomes".

Critics have long argued that the scheme was being used by "corrupt officials" to "park illicit funds".

It will be replaced with more skilled-worker visas.

Thousands of significant investor visas (SIV) have been granted through the program since 2012, with 85% of successful applicants coming from China according to government data.

https://www.bbc.co.uk/news/world-australia-68052626?at_medium=RSS&at_campaign=KARANGA

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