Migration Experts See Big Investors Switching Focus to New Zealand, Canada, and the United States Following Australia’s Removal of Golden Ticket Opportunity

As of a June report, Australia was the fifth most preferred destination for millionaire migrants, welcoming 2,500 wealthy migrants in 2023. This number increased by 35 percent over the past decade.

However, in January, the Albanese government decided to discontinue the millionaire migration program, known as The Golden Ticket, due to concerns about its economic effectiveness and potential misuse for money laundering.

Subsequently, experts note that major investors are now turning their attention to countries like New Zealand, Canada, and the United States.

“They all have investor programs, and investors are exploring their options globally. Australia is not only competing for talent but also for foreign direct investment,” says Tony Le Nevez, managing partner at Henley & Partners Australia.

Despite the discontinuation of the visa program, Le Nevez mentioned that many investors still express interest in Australia.

Australia also ranks among The Safe Haven 8 countries, alongside Switzerland, Singapore, the UAE, New Zealand, Malta, Monaco, and Mauritius. A safe-haven country offers high levels of safety and security, shielded from global political and economic issues.

“Australia has many natural advantages, and we are missing out because we don’t have an investor program. Since the closure of the Australian program, New Zealand has seen a significant increase in interest in their investor program,” he told The Epoch Times.

Migration lawyer Ben Watt from Visa Envoy argues that the removal of visas has made it challenging to find suitable pathways for genuine clients.

According to the World Wealth Migration Report by Henley & Partners, 2024 is set to be a pivotal year for the global migration of wealth.

Watt points out that without an investment program, clients are seeking alternative solutions. Some are considering options like establishing a company in Australia or leveraging an existing overseas business.

He explains that this may involve applying for an employer-sponsored Temporary Skill Shortage (TSS) visa.

“However, the success of this approach largely depends on the discretion of the case officer,” he said.

Impact on Angel Investments

Experts highlight that limiting millionaire migrants has negatively impacted angel investments in Australia.

The visa previously required applicants to invest $5 million (US$3.2 million) in a managed investment fund, with a portion allocated to venture capital funding to support startups and small businesses.

Shortly after the program’s termination, Jane Doe, CEO of Startup Australia, expressed concerns about stifling innovation.

Le Nevez notes the visible effects of the program’s discontinuation.

“Those funds have now dried up,” Le Nevez stated, indicating the crucial role these funds played in Australia’s venture capital industry.

Watt echoes these sentiments, emphasizing the success of Australia’s migration program.

“We excel in areas like the Olympics because of our exceptional migration program. Scrapping it is not beneficial,” he added.

Hope for Millionaire Migrants

The proposed National Innovation Program, expected to be unveiled by November 2024, offers hope for millionaires. Le Nevez anticipates that the program will introduce a pathway for investors.

“The new program may require migrants to be experienced angel investors, similar to those engaged in venture capital,” Le Nevez suggested.

The new visa is likely to involve rigorous application assessments, monitoring periods, and potential cancellation clauses.

Financial investment alone may not be sufficient; factors like proven business acumen, ties to Australia, and a track record of innovation could play crucial roles in the application process.

Watt believes that starting anew will bring significant disruptions.

“When they implement a new program, they’ll essentially have to start over. It will be a challenging task to rebuild everything from scratch,” he explained.

The Epoch Times sought a response from the Home Minister’s office for further insights.

Many countries worldwide have done away with the investment visa. In October 2022, the European Commission urged European nations to discontinue the program due to various risks including security concerns, money laundering, and terrorism financing.

With Australia elevating its terror threat level and citing a rise in extremist views, the country must exercise caution in determining who enters its borders.