What is Australia's 'golden ticket' visa and why is it in news?

Highlights of Australia’s Golden Ticket Visa

• Australia’s golden ticket visa allows applicants to stay in the country for five years after they make a successful investment.
• The golden ticket visa is a pathway for Australia PR
• The golden ticket visa is also known as the Significant Investor provisional visa

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Australia’s Golden ticket visa to be reviewed soon

Australia’s Golden Ticket visa is also known as Significant Investor provisional visa. Successful applicants for this visa can stay in Australia for up to five years if investment is made into the approved funds. The visa also acts as a path to apply for Australia PR.

Gillard Government introduced this visa in 2012 and many changes have been made later. O’Neil has stated that this is an effective way for “buying the way to migrate to Australia.” She also said that most people will get upset when they will come to know that there is a visa category which can help them to buy their way in the country.

She also said that the government will review to make changes in the visa to help the people to migrate to Australia.

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Working of Australia investor visa

The Significant Visa investor stream has been made for the [people who can invest at least $5 million into the approved investments of Australia. They need to hold this investment till their visa is valid. There are certain eligibility criteria which they need to meet to apply for the visa.

The investment has to be split between growth private equity funds and venture capital, approved managed funds, and a balancing investment in managed funds. The cost of the visa for the main applicant is $9,195. An additional charge has to be paid for each family member included in the application.

English language requirements

There is no need of English language requirements for this visa so candidates do not have to go for IELTS or any other exam. Also, there is no upper age limits. Candidates who are over 18 years of age can apply for the visa if they have the knowledge of functional English. If this is not so, they will have to pay the second installment for the application fee.

Number of investor visas issued since its introduction

The Home Affairs department has told that up till June 2020, 2,349 investor visas have been issued since the time of its introduction in 2012. The fund invested in this period is $11.7 billion. Australia received around 84.8 investor visa applications from China and 3.6 percent from Hong Kong.

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Also Read: Increase migration cap in Australia to manage manpower shortages – The Business Council Web Story: All you need to know about Australia’s ‘golden ticket’ visa