Wealthy investors looking for a way into Australia might have reason to keep an eye on the headlines. Opposition Leader Peter Dutton has floated the idea of reviving the Golden Visa Program, a residency-by-investment scheme that was scrapped in early 2024.
The program previously allowed high-net-worth individuals to secure Australian residency through substantial investments, but it was axed over concerns about economic impact and potential misuse. While no concrete details have been provided, Dutton’s comments suggest a possible return.
What Was the Golden Visa Program?
Before being shut down, the Business Innovation and Investment Program (BIIP) offered two key visa options:
- Provisional Visa (Subclass 188): A temporary residency pathway.
- Permanent Visa (Subclass 888): Offered permanent residency after meeting investment conditions.
Applicants had to invest at least AUD$ 5 million in Australian assets to qualify.
Despite its popularity—2,349 visas were issued between 2012 and 2020, bringing in AUD$ 11.745 billion—the program was scrapped. Critics argued that it didn’t deliver the economic benefits Australia needed and was vulnerable to financial misconduct.
Why Is There Talk of Bringing It Back?
Dutton’s comments suggest the opposition sees value in a revised version of the scheme, though what that might look like remains unclear. Some experts believe this is a strategic move to appeal to investor migrants, particularly in electorates with large Chinese-Australian communities.
James Hall, Director of ANZ Migrate, believes the Liberal Party may be considering reviving the Significant Investor Visa (SIV), a key part of the previous Golden Visa framework. If so, this could once again open a fast-track pathway to residency for high-net-worth individuals.
Who Benefited Most from the Program?
The bulk of successful Golden Visa applicants came from:
- China
- Hong Kong
- Vietnam
- Malaysia
- South Africa
However, Home Affairs Minister Clare O’Neil stood by the program’s closure, saying it failed to serve Australia’s economic needs.
What Should Investors Do Now?
While there’s no official timeline for a possible return, those interested in securing Australian residency through investment should:
- Keep up with policy discussions.
- Watch for announcements from the opposition and immigration authorities.
- Speak to a migration expert about alternative visa options.
If the Golden Visa does make a comeback, it could once again be a key route to Australian residency for investors. Until then, staying informed is the best move.
Stay Ahead of the Game
Thinking about Australian residency? Keep an eye on political developments and migration news to stay ahead of any changes. Being prepared could give you a crucial advantage if a new investment pathway opens up. Would you consider applying for a Golden Visa? Let’s chat in the comments!
