Australia Scraps 'Golden Visa' for Wealthy Investors

Visa Program Granted Wealthy Individuals Right to Live in Australia

Targeted High Net Worth Investors

The Australian government has introduced the Significant Investor Visa (SIV), commonly referred to as the "Golden Visa," in 2012. This streamlined visa program was designed to attract high net worth investors to the country, offering them the opportunity to reside permanently in Australia.

Benefits Included Significant Tax Exemptions

Investing in Australia's Golden Visa program provided numerous financial benefits to temporary residents, including significant tax exemptions. This made the visa highly sought after by wealthy overseas investors looking for opportunities to expand their business and investment portfolios.

Visa Allowed Holders to Conduct Business in Australia

The SIV visa specifically targeted individuals under the Business Innovation and Investment Provisional visa subclass 162. This allowed holders to carry out business and investment activities within Australia, fostering economic growth and creating jobs.

Decision to Terminate Program Cites Lack of Compliance

After a thorough review, the Australian government has decided to terminate its Golden Visa program. Citing concerns over compliance and integrity issues, the program has been officially discontinued.