Here’s Why Australia’s Golden Visa is Causing Chaos Among Migrants

 

Also read :Chinese asylum seekers make up the fastest growing group crossing into US from Mexico

Also read :Libya Deports Nearly 1000 Migrants Back To Egypt, Nigeria

Also read :Over 302,000 Migrants Flood Into US Southern Border In December

Australia recently underwent reforms to its immigration system, which had previously offered “golden visas” allowing wealthy foreign investors to obtain residency by investing a minimum of A$5 million in the country. However, this program faced criticism for failing to deliver promised economic benefits and for exacerbating issues like rising housing costs.

Also read :India: Telengana to implement policy to reintegrate returning migrants into society

In response, the government overhauled policies in 2020 to prioritize skilled migrant workers and address pandemic-related challenges. The new rules scrapped golden visas while establishing a global talent visa targeting individuals able to contribute specialized knowledge and experience. This replaced passive investment programs with a point-based assessment of applicants’ qualifications, skills, and English ability.

The changes have brought uncertainty for those previously using investor visas for residency. However, the reforms aim to improve migrant quality and diversity matching Australia’s needs. They also seek a better balance of economic and social impacts, reducing risks from issues like money laundering while enhancing competitiveness as a destination for skilled migrants. The implications of this immigration transition affect both pending applicants and Australia’s long-term strategy.