Reinstating 'Golden Ticket' Visas Criticized as Major Error by Magnitsky Sanctions Advocate
Bill Browder, the mind behind the global Magnitsky sanctions targeting human rights violators and corrupt officials, has expressed concerns over Peter Dutton's interest in reviving a contentious "golden ticket" visa program, calling it a "big mistake."
This visa program previously allowed foreign nationals to secure a four-year visa, convertible to permanent residency, by investing $5 million in Australia. Although open to all, it primarily attracted Chinese nationals, who accounted for over 80% of the visas issued over more than ten years.
The Albanese government discontinued the program in early 2024 due to worries about potential money laundering and foreign interference. However, Dutton recently suggested at a Liberal party fundraising event that a Coalition government might consider reinstating it.
Dutton's remarks have raised concerns for Bill Browder, a hedge fund manager and Russian exile, who has advocated for stricter measures against corruption and international sanctions in Australia. Browder warned that such visas have historically allowed questionable individuals from countries like China and Russia to gain legitimacy and access to other nations.
Browder, who leads the Global Magnitsky Justice Campaign, emphasized that reinstating these visas would be a grave error, as they have been canceled in other countries to prevent the entry of undesirable individuals.
In response, Home Affairs Minister Tony Burke stated that visa eligibility should be based on national interest rather than financial capability.
Transparency International Australia’s CEO, Clancy Moore, also urged the Coalition to abandon any plans to revive the visa scheme. Moore highlighted that globally, such investment visas have enabled corrupt individuals to launder money and reputations by investing in local assets.
The previous Australian program allowed applicants to invest questionable funds in the country, with minimal residency requirements and no English language proficiency needed. The Productivity Commission had recommended scrapping the visa, citing its susceptibility to fraud and suggesting that replacing it with skilled workers could benefit the economy by $2.5 billion to $3.4 billion.
Australia's financial intelligence agency, Austrac, noted in 2016 the challenges in verifying the source of funds for significant investment visa applicants, as these funds often originated from foreign jurisdictions.