188 / 888 Significant Investor Visa (SIV)
The significant investor visa allows overseas applicants who invest at least $5m in ‘complying investments’ in Australia for 4 years to obtain permanent residence. There is no Age or English Requirements.
There is no requirement to meet the Business Innovation and Investment points test.
Stage 1 – 188 Significant Investment Visa (Provisional)
This is a 4 year visa that is granted once the complying investment has been made. The visa allows multiple entries into Australia.
Applying for this visa is quite complex and involves several steps and assessment by “complying investments”, State Nomination departments and receiving an “invitation to apply” from the Department of Immigration prior to the Visa being lodged.
Once the visa is lodged it will be substantially processed, before you are requested to make the complying investment. Once the investment has been made, the visa will be granted.
The overall processing time is approximately 6 months.
Stage 2 – 888 Significant Investment Visa (Permanent)
This Permanent Visa can be applied for once you have held a subclass 188 visa for 4 years.
You must also demonstrate that you have held your complying investment for 4 years, while holding the 188 provisional visa.
You must have resided in Australia for at least 160 days during the 4 years of holding the 188 provisional visa. There is no requirement to be in Australia for 40 days every year. These periods in Australia can be either a single stay or multiple trips totaling 160 days.
Once you have held the 188 visa for 4 years, you can apply for the 888 visa at any time in the future. Your application does not have to occur on the final day of the 188.
Each Australian State or Territory has different minimum requirements for the investment of funds in their own State Bonds system. The balance of investments can be in “complying investments” of your own choosing.
There is no requirement for a “complying investment” to be profitable for the value of the investment to remain above the $5m threshold for the entire 4 year period of the visa. Once the $5m investment has been made this is sufficient to meet the requirements for the granting of the permanent visa.
Benefits of the 188 / 888 Significant Investor Visa (SIV)
- No age restriction
- No English requirement
- Reduced residency requirement of 160 days over 4 years
- No requirement to meet the Business Innovation and Investment points test
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