Australia rethinks its EB5 corollary, replaces program with skilled worker visas

Since 1992, Australia has had a program fast-tracking visas for those making an investment of $5million AUD. It’s a corollary to our EB-5 visa.

This week, Australia “axed” the program, known as the “golden visa” program.

As BBC reports that the program was cut “after the government found it was ‘delivering poor economic outcomes’.” They’re choosing instead to increase the number of skilled immigrant visas.

The BBC coverage notes that critics of the “golden visa” system argued it was “being used by ‘corrupt officials’ to ‘park illicit funds’. The Australian government, unsurprisingly, does not concede this point. Rather, the emphasis has been on the fact that the “golden visa” failed to “meet its core objectives.” 

-KitJ