Australia has decided to terminate its ‘golden visa’ program, officially known as the Significant Investor Visa (SIV) program. It was specifically tailor-made for affluent foreign investors, giving them the privilege to reside in the country.
Referring to this step, the Australian Government cited the program’s production of ‘poor economic outcomes’ as the primary reason for its discontinuation, opting instead for a visa system based on skills.
Read more: 10 underrated destinations in India for a fantastic vacation
Initially, designed to stimulate investment and foster innovation within the nation, the SIV required candidates to invest a substantial amount of 5 million Australian dollars in the country. However, criticism of the visa scheme within Australia intensified, with concerns raised about its contribution to corruption and its potential for allowing wealthy foreign nationals to funnel illicit funds into the country.
If reports are to go by, Chinese investors, in…