Australia has suspended applications for people investing more than A$5 million ($3.3 million) in the country as part of a broader immigration policy reform aimed at attracting more skilled migrants.
All applications for the Significant Investor or Golden Visa program have been stopped. Investor visas like Australia’s have come under fire around the world amid accusations that they have been abused by wealthy people and have failed to benefit the countries themselves. The key issue is that the funds involved are often directed into real estate or financial assets rather than into productive areas of the economy.
Home Affairs Minister Claire O’Neill said the visa was one of “many aspects” of Australia’s migration system that the government plans to change to “create a system that benefits our country”.