‘Golden ticket’ visa for the rich fails to pay its way
A special Australian visa for foreign investors collecting millions of dollars was scrapped for paying less taxes and providing little economic benefit.
According to previously classified documents, an investor aimed at spending at least $ 2.5 million and twice as much as to spend more than twice the investor to spend, including an investor, the applicants were “more financially costly and less contributing to the economy than other visas”.
Discussions on the visa class were renewed in May before the Federal elections were asked about the attempt to collect a donation of the Opposition leader at that time, and said, “I think we will bring it back”.
The worker attacked him on his plans to restore the visa, and Interior Minister Tony Burke branded the “cash for Visa” program.
The Business Innovation and Investment Program offers a way for entrepreneurs and investors to reside in Australia through various subclass visas.
As part of the program, the lower class 188 visa has four main flows.
These include an important flow of investor for people who plan to invest at least $ 5 million, an investor flow for people who can invest at least $ 2.5 million and an annual turnover for business owners with at least $ 750,000 and $ 1.25 million.
The documents of the Ministry of Interior, which were obtained within the scope of the laws of Freedom of Information within the scope of legislative privacy, pay less taxes than other talented immigrants on the innovation and investment program.
Despite the investment threshold, the average business innovation and investment program visa owner, Beaned Institute analysis had only $ 25,000 taxable income compared to $ 64,000 of qualified immigrants.
A governmental investigation of the program at 2019/20 said, “Even after considering investment income, BIIP investors and important investors still earned less income and paid less tax than other talented visa holders”.
“Considering the necessary investment level, this income level is less than expected.”
The Ministry of the Interior said that Australia has no problem in attracting foreign capital and that visas are unlikely to create additional investment at significant levels.
Between January 1, 2018 and 31 December 2022, an investment of 5,385 billion dollars associated with more than 1000 important investor grants from the primary applications of the visa class was made.
However, this decreased by more than $ 20 trillion in the ocean of the total foreign investment pool of Australia.
Mr. Burke scrapped the program on July 31, 2024 – a few days after swearing as Minister of Interior and Migration.
However, although more than 3000 people withdrew their applications after reimbursement provisions in September 2024, 15,000 primary and secondary applications remained accumulated as of February 9, 2025.
Only 23 withdrawals mean that they are obliged to look at the important investor flow and 40, ie important investor and investor sub -classes have made more than 3700 of the total applications.
In February 2025, Burke issued a directive to deliberately process the two investor visa, entrepreneur and business innovation flows.
The department said that he is considering other options to manage important investors, including using laws to delay processing and eliminate permanent residence.
However, Mr. Burke warned to restrict investor flows, and Irking State and regional governments were not happy to have scrapped the visa to risk investment in important projects.
The opposition did not refuse to bring an investment visa somehow while reviewing migration policies after the election defeat.
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