Australia introduced a special visa system for wealthy foreign investors. Under which visa these foreigners could live in the country. On Monday, the Australian authorities decided to stop the gold visa system.
The British media BBC says that Australia launched the golden visa to boost the business sector. However, the country began to reform the immigration system. Because of this, the benefit of this visa has been eliminated. The authorities say that there is no financial benefit due to this visa.
Many people have been criticizing the golden visa ever since its introduction. Some were saying that some corrupt government officials are using this system to line their pockets.
Many foreign investors were allowed to stay in Australia in 2012 by getting Golden Visa. According to official data, 85 percent of them are Chinese.
By reviewing this system, the country will know that the real purpose is being thwarted. For this reason, it was announced last December that the golden visa will be cancelled. Now the authorities have stopped this facility. Instead, they will increase visas for skilled workers.
In a statement on Monday, Australian Home Affairs Minister Claire O’Neill said, “Our country and economy have not gotten what they wanted through this system in all these years.”