The Australian government is considering scrapping an immigration program for international investors with high net worth as it reviews the country’s migration system.
Under the significant investor visa (SIV), foreign investors can considerably shorten their visa processing time with a minimum investment of $5 million (US$3.4 million).
This visa allows applicants to live and carry out investment activities in Australia for five years. After that, they can apply to stay in the country permanently.
The Gillard government introduced the program in 2012 to attract high-net-worth individuals to contribute their capital and entrepreneurial skills to Australia.
People walk through a quiet shopping area in the central business district in Sydney, Australia, on June 28, 2021. (Saeed Khan/AFP via Getty Images)
Data from the Department of Home Affairs showed that as of June 30, 2020, 2349 SIV visas had been granted since the program’s inception, with Chinese investors accounting for 84.9 percent of the processed visa. Additionally, the scheme attracted around $11.8 billion of complying investments….