888 visa Australia: Major change for Chinese investors
- The visa for major investors has been revoked
- It required applicants to invest $5 million in exchange for residency
- Visa had no background or language requirements for applicants
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A visa program allowing wealthy investors to enter Australia has been dumped following an overhaul of the country’s migration system.
The Albanian government has halted applications for the key investor visa, speeding up the process for skilled migrants if they invest $5 million in Australia.
It will be considered as part of a wider talent and innovation visa set out in the migration strategy, which was released in December.
Home Secretary Clare O’Neil said the troubled program – introduced by the Gillard government in 2012 – was part of a “broken” system that Labor inherited.
βIt has been clear for years that this visa does not deliver what our country and our economy need from a migration system,β Ms O’Neil said on Monday.
βThe investor visa is one of many aspects of the system that we are reforming to create a system that delivers results for our country.β
The Albanian government has halted applications for the key investor visa, speeding up the process for skilled migrants if they invest $5 million in Australia.
Clare O’Neil (pictured) says key investor visa was part of ‘broken’ system Labor inherited
The visa required a minimum investment of $5 million in Australia, in return for automatic permanent residency.
Unlike other visas, investor holders did not have to learn or speak English and there was no age limit.
The visa subclass was given the number 888 β which means triple happiness in Chinese numerology.
There are concerns that golden visa schemes allow corrupt foreign officials and members of organized crime groups to keep dirty money safe in developed countries such as Australia.
A major study into Australia’s migration system has found that skilled migrants contribute $300,000 more to the economy over their lifetime than those who bought their way into the country.
A targeted talent and innovation visa would create a streamlined pathway to attract highly skilled migrants to Australia, including entrepreneurs, investors and global researchers, to drive growth in sectors deemed of national importance, it found.
The investigation by former civil service chief Martin Parkinson found Australia’s system failed to attract highly skilled migrants and allowed worker exploitation among lower-paid people.
Unlike other visas, investor holders did not have to learn or speak English and there was no age limit