Victoria Backed Thousands of ‘Golden Ticket’ Visas Despite Fraud Warnings

The government led by former Victorian premier Daniel Andrews supported thousands of so-called “golden ticket” visas through a migration pathway that has since been accused of being vulnerable to exploitation, including alleged use in money-laundering activities.

Data shows Victoria sponsored more wealthy migrants — particularly Chinese investors — through the Significant Investor Visa (SIV) program than any other Australian state. Newly released figures indicate the Victorian Government nominated 5,277 high-net-worth applicants, largely Chinese nationals, under the visa widely referred to as Australia’s “Golden Ticket”.

Between 2014 and 2018 alone, the Andrews government endorsed 3,445 visas through what critics later described as a “fraud-prone” scheme. The federal government ultimately shut down the program last year following a series of highly critical reviews. According to Department of Home Affairs records, Victoria’s participation far exceeded that of other states and territories combined, which together approved only 4,920 visas.

To qualify, applicants were required to invest at least $5 million into “complying, high-growth Australian assets for at least four years”. As part of this requirement, investors had to allocate a minimum of $1.5 million into “small-cap companies” listed on the Australian Stock Exchange.

The visa effectively served as a pathway to permanent residency, with base application fees for the primary applicant set at $14,670. Applicants who lacked English language skills were required to pay an additional surcharge to secure approval.

While state governments nominated candidates, final processing and approval remained under the authority of the Department of Home Affairs.

Despite warnings, the Andrews government continued promoting the visa. A 2016 Productivity Commission review concluded the program was “prone to fraud”. The same review pointed to evidence of “rorting and money laundering” and found that “investments were of little economic benefit”. It further cautioned the visa “attracted individuals perceived to have less business acumen” and ultimately recommended the scheme be scrapped.

Nevertheless, Victoria continued advocating for the program for years following these warnings. The visa initiative also featured prominently in several official trips Andrews made to China.

The period of strong visa uptake coincided with Victoria signing onto China’s Belt and Road Initiative in 2018, a decision later overturned by the federal government in 2021 citing “national security concerns”.

Originally introduced in 2012, the visa program was later found to “offer minimal economic benefit” and, in some instances, was “exploited for money laundering”.

Reports suggest visa recipients pledged $8.1 billion in investments to Victoria’s economy, though questions remain about how much of this capital was ultimately deployed and where it was directed.

Applicants from mainland China dominated the program, securing 4,436 visas. Hong Kong ranked second with 369 approvals, followed by Malaysia with 118. In contrast, only 30 visas were issued to applicants from the United States, 15 to Japanese nationals, and 14 to UK applicants.

Separately, Andrews is reportedly continuing recovery from a serious medical condition. The 53-year-old was admitted to Monash Clayton Hospital in Melbourne’s southeast shortly before Christmas and is reportedly still in a “very bad way” amid speculation he may have suffered a stroke.

One of his most recent public sightings occurred in China, where he attended a large Communist military parade in September. During the event, Andrews was filmed being welcomed by Chinese President Xi Jinping and his wife Peng Liyuan during a formal red-carpet reception ahead of the parade.

Footage showed Andrews and Xi shaking hands for several seconds and appearing to exchange friendly greetings. He was also photographed alongside several global leaders, including Russian President Vladimir Putin, North Korean leader Kim Jong Un and Iranian President Masoud Pezeshkian.

Reports suggest Andrews attended the event in a personal capacity and has since been working in lobbying following his departure from public office.

By fLEXI tEAM