Labor must scrap money laundering ‘Golden Visas’

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Experts have flagged concerns over a class of Australian visa that has operated for 10 years with zero rejections.

More than 7,000 Chinese citizens have been approved for the Significant Investor Visa scheme, which requires a minimum investment of $5 million.

The so-called ‘golden ticket’ visa confers an automatic right to permanent residency in Australia, and unlike other visa classes, people are not required to speak or learn English.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.