Australia’s so-called “Golden Visa”, formally known as the Significant Investor Visa (SIV) – subclass 188, has been officially closed in 2024, ending one of the country’s most talked-about residency-by-investment pathways. The program operated under the Business Innovation and Investment Program and targeted wealthy individuals willing to invest large sums into the Australian economy.
What Was the Significant Investor Visa (SIV)?
The SIV required applicants to make a minimum investment of AUD 5 million in approved Australian assets. In return, successful applicants received a provisional visa with a pathway to permanent residency (PR) and, eventually, Australian citizenship—provided all conditions were met.
The scheme was designed to attract high-net-worth individuals and stimulate economic growth. However, contrary to popular belief, it was never an “easy visa.” Applicants still had to meet strict compliance, residency, and source-of-funds requirements.
Why Australia Shut It Down
The Australian government axed the SIV in 2024 amid growing concerns about misuse, money laundering risks, and regulatory loopholes. Authorities concluded that the economic benefits did not sufficiently outweigh the risks, leading to the program’s closure.
Are There Any Alternatives Now?
While the SIV is no longer available, Australia still offers selective pathways for exceptional individuals:
National Innovation Visa (Subclass 858)
This visa targets globally recognized innovators, entrepreneurs, researchers, and top-tier talent. Unlike the SIV, it is not investment-based and requires international recognition and proven excellence.
Other Business or Skilled Pathways
Some streams under the broader Business Innovation and Investment framework or skilled migration programs may still exist, but requirements are strict and merit-based.
Key Takeaway for Applicants
The term “Australian Golden Visa” now refers to a defunct program. Claims of “no IELTS, no job, easy money” visas are largely misleading myths. Anyone interested in migrating through investment or innovation should rely only on official information from Australia’s Department of Home Affairs.
Australia’s focus has clearly shifted from wealth-based migration to skills, innovation, and genuine economic contribution.
