The architect of global Magnitsky sanctions – which punish human rights abusers and corrupt officials – has warned Peter Dutton’s desire to bring back a controversial “golden ticket” visa scheme would be “a big mistake”.
The significant investor scheme allowed foreign nationals who invested $5m in Australia access to a four-year visa that could be converted to permanent residency. While it was open to all nationalities, it targeted Chinese nationals who represented more than 80% of visas granted over more than a decade.
The scheme was abolished by the Albanese government in early 2024 after concerns about potential money-laundering and alleged foreign interference. But last month, Dutton told a Chinese migration agent at a Liberal party fundraising event that he thought a Coalition government would “bring it back”, if elected.
“Whether we do it before the election, or look at a different design for it – we’ll have to consider all that,” Dutton told the migration agent, as first reported by the Sydney Morning Herald.
Those comments have alarmed hedge fund manager and Russian exile Bill Browder, who campaigned for Australia to adopt a tougher stance on corruption and international sanctions.
“These golden visas have proven to be a way for dodgy people from places like China and Russia to buy themselves legitimacy and insert themselves into countries,” Browder said.
“There has been a trend for countries to cancel golden visas. Australia would be making a big mistake by resintalling them and inviting bad actors.”
Browder is the head of the Global Magnitsky Justice Campaign, which seeks to “impose targeted visa bans and asset freezes on human rights abusers and highly corrupt officials”.
In response to Browder’s comments, the home affairs minister, Tony Burke, said “You should qualify for a visa because it is in the national interest – not because you have cash.”
Dutton and the shadow immigration minister, Dan Tehan, have been contacted for comment.
Transparency International Australia’s chief executive, Clancy Moore, is also urging the Coalition government to abandon any plans to reinstate the visa stream.
“Globally, special investment or ‘golden’ visa schemes have allowed corrupt officials, crooks and kleptocrats to conceal their proceeds of crime through investing in housing, companies and business, which in turn help them launder not only the illicit funds, but often their reputations, through their visa status,” Moore said.
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“Australia’s previous ‘golden visa’ program allowed shadowy figures to invest mountains of dirty money into Australia.
When the visa scheme was abolished, then home affairs minister, Clare O’Neil, said it was not delivering for Australia.
The visa brings significant advantages. Applicants need only spend an average of 40 days in Australia a year and there is no English language requirement. Applicants can pay more if they have a low level of English. They can also bring family members to Australia.
The Productivity Commission recommended abolishing the visa subclass as it was “prone to fraud”.
In early 2023, the commission also found there was “no case for retaining this category of permanent visa”. It found by replacing wealthy investors with skilled and sponsored workers the economy would be $2.5bn to $3.4bn better off.
Australia’s financial intelligence agency, Austrac, reported in 2016 there were “difficulties in identifying the source of funds and wealth for customers on significant investment visas, as this wealth is often acquired in foreign jurisdictions”.
