Canberra: Australia has terminated its “Golden Visa” program, which granted wealthy foreign investors the right to reside in Australia.
According to Australian media reports, the Golden Visa program was designed to attract the attention of non-resident foreign businessmen.
Authorities state that the Golden Visa program was not yielding any significant benefits. “It has been obvious for years that this visa is not delivering what our country and economy needs,” said the Australian Home Minister.
As part of changes to immigration policy effective in 2024, a significant move has been made by Australian authorities.
Officials say that an alternative to the Golden Visa, the Skilled Worker Visa, will now be introduced. Under this program, skilled individuals will have better opportunities.
It is noteworthy that under the Golden Visa program, important investors have been granted significant investor visas (SIV) since 2012.
The Australian Home Minister commented that it is evident that the Golden Visa is not providing the essential benefits needed for our country and economy.
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