This visa scheme, known as the Significant Investor Scheme, previously allowed foreign nationals, primarily from China, to obtain a four-year visa by investing $5 million in Australia, which could then be converted to permanent residency.
After concerns about potential money laundering and alleged foreign interference, the scheme was abolished by the Albanese government in early 2024. However, Dutton suggested at a Liberal party fundraising event that a Coalition government might revive it if elected.
Bill Browder, a hedge fund manager and Russian exile who campaigns for stricter anti-corruption and international sanctions, expressed his concerns about these visas, arguing they allow “dodgy people” from places like China and Russia to gain legitimacy and enter countries easily.
Browder, who leads the Global Magnitsky Justice Campaign, emphasized that reinstating these visas would invite “bad actors” into the country.
Responding to these concerns, Home Affairs Minister Tony Burke stated that visas should be granted based on national interest, not wealth.
Both Dutton and the shadow immigration minister, Dan Tehan, have been reached out for comments on this matter.
Clancy Moore, CEO of Transparency International Australia, also urged the Coalition government to abandon any plans to reinstate this visa stream, pointing out that such schemes globally have allowed corrupt officials and criminals to launder money and their reputations.
Australia’s former “golden visa” program enabled individuals with questionable backgrounds to invest illicit funds into the country. When it was abolished, then Home Affairs Minister Clare O’Neil stated it did not benefit Australia.
The visa offered significant benefits, including minimal time spent in Australia and no English language requirement. The Productivity Commission recommended ending the visa subclass due to susceptibility to fraud and absence of an economic case for continuation.
Austrac, Australia’s financial intelligence agency, reported challenges in verifying the source of funds for significant investment visas, indicating wealth often acquired abroad.
