Victoria has become the largest issuing place for “golden visas”, with more than 5,000 people approved! China’s richest people account for the majority!

This article is reproduced from the public account: Sydney Impressions

According to reports, the latest data shows that the Victorian government has issued more visas to overseas wealthy people through the Significant Investor Visa (SIV) program than all other Australian states and territories combined.

The controversial SIV program was officially scrapped by the federal government last year after several tough reviews.

Since its launch in 2012, the scheme has been accused of having extremely low economic benefits, and in some cases has even become a money laundering tool.

The latest data from the Ministry of Home Affairs shows thatThe Victorian government has guaranteed a total of 5,277 wealthy people (most of whom are Chinese immigrants) to obtain this visa, which is known as Australia’s “golden ticket”.

In comparison, the total number of approvals in other Australian states and territories was only 4920.

According to reports,In exchange for obtaining Victoria’s guarantee, visa holders promised to invest a total of 8.1 billion Australian dollars in the Victorian economy, but the specific flow of funds and the content of the investment were not disclosed.

Department data shows that as early as 2016, the Productivity Commission clearly stated in a review report that the SIV program was “prone to fraud” and recommended that the program be terminated, but former Premier Dan Andrews still pushed ahead with the program.

The committee’s review found evidence of fraud and money laundering and said most investments had little economic benefit.

The report also warned that the visa attracted some “less business-minded” groups.

Despite these warnings, the Victorian government continued to promote the visa for years.

The visa issuance boom coincided with Andrews signing the controversial 2018 Belt and Road Initiative agreement in Victoria, which was later revoked by the federal government in 2021 due to national security concerns.

The data shows,The largest beneficiary group of this plan is mainland Chinese investors, with 4,436 approved people.

Followed by Hong Kong, China (369 people) and Malaysia (118 people). In comparison, there are only 30 in the United States, 15 in Japan, and 14 in the United Kingdom.

Shortly after Andrews came to power, there was a significant surge in visa applications. Despite widespread concerns at the time that the program was being abused by criminal groups and unscrupulous business people, 3,445 visas were issued between 2014 and 2018.

The Victorian government defended the “money for visas” policy.

A spokesman for the Victorian government said the state was committed to attracting “top investors, entrepreneurs and entrepreneurial immigrants to inject new skills, new talent and new resources into the state”.

Conclusion:

Although the project has now been stopped,

But the questions remain:

What exactly are these “golden visas”?

How much real value has it brought to Victoria?

How many long-term risks are buried?

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