Australia Puts 11-year-old Golden Visa Idea To Rest!

Investments are one of the big sources of the big economies that help them to have a big economy. The nations even encourage big shots and rich people to come to their nations and make investments there. This is the case with almost every big nation. Those who make investments are given certain benefits.

These nations offer Golden Visa. Australia is no different from this. The Golden Visa initiative was started in Australia in 2012. The motto behind the initiative is to welcome rich people and investors to navigate investments in the country. However, the scheme was canceled after 11 years.

Minister for Home Affairs Clare O'Neil of Australia made a big announcement on the golden visa and said that they would be scrapped. As the visas will be removed they will be replaced with visas benefiting the skilled workers.

Giving a reason for this, the Minister said that the Golden Visas were started aiming to drive investments in the country. However, the purpose was not met as the expected financial results were not recorded. With this, the idea was scrapped.

After putting an end to the long scheme, the Australian administration wants to replace the vias with skilled-worker visas. One way, we can say that the idea would make wonders for the workers visas.

The skilled-workers visas are seeing big demand in various nations of late as companies are interested in getting workers from other nations. The Australian government’s decision will help the skilled workers.

Many nations have this concept about the golden visas, but only some nations see success. A lot of aspects play a key role in this. Aspects like the economy size, growth, and the positive environment for investments. Even Dubai has the golden visa concept which has been seeing success. But the case with Australia is different.