Australia's Golden Visa Program Ends

What was the Golden Visa?

In 2012, the Australian government introduced the Significant Investor Visa (SIV), also known as the Golden Visa. This visa offered a streamlined pathway for wealthy overseas investors to obtain permanent residency in Australia. To qualify for the SIV, applicants had to invest at least AUD$5 million in Australian investments, such as government bonds, real estate, or infrastructure projects.

Benefits of the Golden Visa

The SIV offered a number of benefits to holders, including:

• The right to live and work in Australia indefinitely
• Access to Australian healthcare and education systems
• The ability to sponsor family members for permanent residency
• Significant tax exemptions for temporary residents

Termination of the Golden Visa

In July 2022, the Australian government announced its decision to terminate the SIV program. The government cited concerns about the program's impact on housing affordability and the integrity of the immigration system.

Impact of the Golden Visa's Termination

The termination of the SIV program is likely to have a significant impact on the Australian investment market. It is expected that foreign investment in Australia will decline as a result of the program's termination.

The termination of the SIV program is also likely to have a positive impact on housing affordability in Australia. The program had been criticized for contributing to rising housing prices in major cities, such as Sydney and Melbourne.