Australian said the program had not met its primary objectives (Representational)
Australia has terminated its "golden visa" program, which granted wealthy foreign investors the privilege of living in the country.
In a policy document released in December 2023, the government announced the discontinuation of the golden visa, emphasising a shift towards creating more visas for skilled migrants capable of making substantial contributions to Australia.
The Australian government said that the program had not met its primary objectives and that it would instead focus on issuing more visas to skilled workers instead.
"It has been obvious for years that this visa is not delivering what our country and economy needs," Australian Minister for Home Affairs Clare O'Neil said on Monday.
Originally designed to attract foreign business, the golden visa scheme faced criticism over allegations that it was being exploited by corrupt officials for parking illicit funds.
Since its inception in 2012, thousands of significant investor visas (SIV) have been issued, with 85% of successful applicants hailing from China, according to government data.
Marketed as a means to drive foreign investment and stimulate innovation, candidates were required to invest over A$5 million (£2.6 million; $3.3 million) in Australia to qualify.
Clancy Moore, the CEO of Transparency International Australia, has applauded the decision, telling BBC, "For far too long, corrupt officials and kleptocrats have utilised golden visas to channel their illicit funds into Australia, potentially concealing the proceeds of their criminal activities."
Australia's move follows the UK's decision to end its fast-track residency scheme for the mega-rich in 2022, citing concerns about the influx of illicit Russian funds.
Similarly, golden visa programs have faced scrutiny in Malta as well, where speedy citizenship is granted to wealthy non-European Union nationals.
In 2022, an investigation revealed visas being granted after just a few days in the country, leading the EU to express concerns over potential risks of money laundering, tax evasion, and corruption.