Australia Is Planning To Bring Back Their Golden Visa: Here’s Everything You Need To Know

Australia’s golden visa – known as the Significant Investor Visa – was launched in 2012 as a way to draw high-net-worth individuals into the country.

It was launched as part of the Business Innovation and Investment Program (BIIP), as a way to give wealthy investors an easy pathway to residency.

To qualify for residency, applicants had to invest at least AUD 5 million into Australian investments, which included venture capital and growth private equity funds, Australian corporate bonds, notes and commercial real estate.

The visa was particularly popular with applicants from China, Hong Kong, Vietnam, Malaysia, and South Africa, and by June 2020, 2,349 Golden Visas had been issued, boosting the Australian economy by an estimated AUD 11.75 billion. (Visa Guide.World).

Why Was The Australian Golden Visa So Popular?

One of the main reasons the visa was so popular is because of its flexibility.

There were no age limits for applying, no need to learn English and applicants only needed to be in Australia for just 40 days in 5 years.

Once investors had their Temporary Residence Visa (Subclass 188) for 4 years, they could apply for Permanent Residence (Subclass 888), eventually leading to citizenship.

However despite being initially popular, Australian’s golden visa programme was scrapped in 2024 after the government questioned how beneficial it actually was to the economy.

Why Was Australia’s Golden Visa Scrapped?

In 2024, the Australian Labour government under Home Affairs Minister Clare O’Neil scrapped the Significant Investor Visa.

She commented that the visa was not delivering what the country or economy needed, and was often cited as being a way for foreign money to be laundered within the country.

Others also argued that the programme was just an easy way for wealthy people to gain access to the country without actually needing to contribute economically.

Because of this, the Labour government officially closed new applications for the Significant Investor Visa on July 31, 2024, mentioning that they wanted to shift their focus onto visas that help bring skilled migrants and real economic growth.

When Is The New Australian Golden Visa Due To Come Back?

Although the visa was only scrapped last summer, ministers in Australia have already talked about bringing it back.

Leader of the Opposition Peter Dutton, has publicly hinted at reviving an investment visa programme.

Just last month, he mentioned that the Liberal Party was considering a new version of the Golden Visa, though the exact details of when, how and what it would look like were unclear.

Some have commented that this is a strategic move to appeal to Australia’s large Chinese-Australian community, with whom the visa was extremely popular.

Whether or not the party will use the programme as part of their upcoming election drive remains to be seen.

What Are The Benefits of Golden Visas?

Golden visas are popular worldwide, with countries like Greece, Monaco and even the US now having their own programmes.

When structured in the right way, golden visas can be a great way to boost a company economically. Here’s how:

1. Attracting Investors

Golden visas are a great way to attract high-net-worth individuals into a country. These people are able to invest in local companies, boost the real estate market and keep the economy moving. In fact, Australia’s golden visa brought in an estimated AUD 11.75 billion before it was scrapped.

2. Economic Growth

Investment programmes are a great way to boost economic growth in certain areas.

As the government are able to select eligible investment criteria, this can help them promote specific sectors. For example, saying that applicants can invest in real estate can prop up house prices. Likewise, VC investment can help give startups and SMEs more funding, helping them grow and generate more jobs.

3. Global Perception

When countries thrive economically, they become more appealing partners on the world stage. Greece is a great example of this, as it is currently experiencing huge economic growth after a period of financial crisis. Golden visa programmes help draw more money into a country, taking them away from competing nations.

Australia’s Golden Visa

Australia’s golden visa was scrapped in 2024 after questions around its economic benefits.

However, it might be coming back, after opposition leader Peter Dutton recently hinted at its return. Whether it stays in a similar form to before, or is constructed as something totally new, remains to be seen.

As other countries fight to capture foreign investment, it will be interesting to see whether Australia follows suit.