Australia is set to review a visa for people who invest at least A$5 million ($3.4 million) in the country, with the Home Secretary saying she sees no reason to retain the program that has been criticized as offering a fast track to wealthy Chinese. .

The large investor visa is designed to attract funds into the country, with holders being required to maintain their investment for the duration of the visa, which can be up to five years.

Australian Home Affairs Minister Clare O’Neill told Sky News Australia on Sunday that there were not many benefits to continuing the scheme.

“It’s costing us on average for each person, because these are people who are usually at a fairly late stage in their lives, often at the end of their business careers, and who come to Australia basically to settle and take their retirement,” she said in an interview. “I don’t see many reasons to keep him.”

The Grattan Institute, an Australian public policy think tank, has called for the business investment and innovation visa scheme, under which the significant investor falls, to be scrapped, saying it leads to funding projects that would not normally be lit green, and that holders provide relatively little tax revenue to the government.

They are typically over 45, have limited English skills and cost A$120,000 more in utilities than they pay in taxes over their lifetime, the institute said in a report last year. , citing Australian Treasury calculations.

News Corp. The Australian newspaper, strongly criticized the significant investor scheme, saying that at least 600 wealthy Chinese had used the visa as a route to Australian citizenship.

Bill Browder – founder of hedge fund Hermitage Capital LLP and architect of the Magnitsky Act – also criticized him, saying The Australian the program, and others like it around the world, should be stopped. “If people are legitimate immigrants, they should get regular work permits like everyone else,” Browder said Sept. 8.

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