Australia gave a big blow to skilled immigrants

Australia has scrapped the Golden Visa program, which granted wealthy foreign investors the right to stay in the country.

The government started the program to attract foreign investment, but now says its economic results have not been significant and is therefore being replaced by the skilled worker visa.

The Golden Visa was available on an investment of 5 million Australian dollars. Thousands of foreign investors have obtained visas through the program since 2012, with 85 percent of successful applicants from China.

After several reviews, the Australian government found that the scheme had failed to meet its original objectives. In 2022, U. K. had also canceled a fast-track housing program for the super-rich, the U. K. was found to be investing illegal Russian money through this program.