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Australia has ended its “golden visa” immigration program, which attracted wealthy investors, as it did not bring economic benefits to the country. The program, known as the Business Innovation and Investment Program, allowed foreign citizens to obtain residency by investing up to A$5 million. Over 100,000 immigrants, with 85% coming from China, have used the program since 2012. Critics argue that the program has been a conduit for corrupt officials to move illicit funds and has allowed infiltration by the Chinese Communist Party. Other countries, such as Malta, Cyprus, and Bulgaria, also offer similar “golden passport” or “golden visa” programs.

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