Australia Terminates (Axes) Significant Visa Investor (SVI) Visa Scheme

Australia’s Significant Investor Visa (SIV), also called the Golden Visa was announced to be terminated a few days ago by the Australian government.

The programme, launched in 2012, sought to attract high-net-worth individuals Down Under. Various schemes under BIIP required A$2.5 million and A$5 million in investments in venture capital and growth private-equity funds that support start-ups, as well as managed funds that buy shares in companies listed on the Australian stock exchange.

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.

After multiple reviews, the government found that the scheme had failed to meet its core objectives. In a policy document from December, it announced that it would scrap it, focusing instead on creating more visas for “skilled migrants” capable “of making outsized contributions to Australia”.

Some analysts say: For far too long corrupt officials and kleptocrats have used golden visas as a vehicle to park their illicit funds in Australia and arguably hide their proceeds of crime.”

Minister for Home Affairs Clare O’Neil said in a statement on Monday： “It has been obvious for years that this visa is not delivering what our country and economy needs.”