Cabinet Harvey Law Group

SIGNIFICANT INVESTOR VISA (SIV) 188C

AUSTRALIA SIGNIFICANT INVESTOR VISA 188C

The Australia Significant Investor Visa gives you more flexibility. It requires you to commit a minimum of AUD 5,000,000, but it gives you a wide range of acceptable investment options. It takes 12 to 24 months to process currently. After 5 years it can lead to you getting Australian citizenship if you want to apply at that time.

  • Process

    12 to 24 months

  • Family

    Ability to bring eligible dependents:
    - Spouse or de facto partner
    - Dependent children under 18
    - Dependent children between 18-23 years old

  • Citizenship

    After 5 years

  • Investment

    AUD 5,000,000

FAQ

WHO MAY APPLY FOR THE SIGNIFICANT INVESTOR VISA (SIV) ALSO KNOWN AS THE 188C?

For investors who:

  • Are willing to make a complying significant investment of at least AUD 5 million in an Australian state or territory for up to 5 years.
  • Receive nomination from an Australian State or Territory government agency or Austrade and reside in the state that nominated you
  • Have a genuine and realistic commitment to continue business and investment activity in Australia

WHO MAY BE INCLUDED IN THE APPLICATION?

  • The Applicant can include their spouse and dependent children to the application.
  • Dependent children are defined as the Applicant’s child, or their partner’s child, who is not engaged, married or in a de facto relationship and is:
    • aged under 18 years, or
    • aged 18 to 23 years and dependent on the Applicant or the Applicant’s partner, or
    • aged 23 years or older and dependent on the Applicant or the Applicant’s partner due to a partial or total physical or mental disability.

HOW LONG IS THE PROVISIONAL SIV VALID?

The visa is valid for up to five years from the date it is granted.

 

HOW DO YOU APPLY?

Applications must submit an Expression of Interest (EOI) and be nominated by a State, Territory Government, or Austrade. After submission of EOI and nomination from a State or Territory government, the Applicant will have 60 days to lodge the visa application through and then if the application is accepted the Applicant will be advised when to make the complying investment after which the visa will be issued.

WHAT IS THE DIFFERENCE BETWEEN THE SUBCLASS 188 AND THE SUBCLASS 888?

The Business Innovation and Investment Visa is a 2-stage process to obtain residency. The visa holder will first need to obtain a provisional visa (subclass 188) (i.e. a temporary residence visa) up to 5 years. After complying with the necessary business and/or investment requirements, the visa holder may apply for a permanent residence visa (subclass 888).

ARE THERE ARE ANY OTHER REQUIREMENTS?

  • The Applicant and his accompanying family members must be in good health.
  • The Applicant and family need to provide police certificates from each country they have lived in for 12 months or more over the past 10 years after they turned 16 years of age. All family members are required to provide this even if they are not migrating.

WHAT ARE SOME OF THE ATTRACTIVE REQUIREMENTS?

  • No English requirement –The Applicant and family members can pay an additional fee to meet this requirement.
  • No point test requirement.
  • No age limit.

WHAT IS A COMPLYING SIGNIFICANT INVESTMENT?

To be a Complying Significant Investment, the following proportions are required:

  • At least AUD 1 million in venture capital and growth private equity funds which invest in start-ups and small private companies;
  • At least AUD 1.5 million in approved managed funds investing in emerging companies listed on the Australian Stock Exchange;
  • A ‘balancing investment’ of at least AUD 2.5 million in managed funds that may invest in a range of assets, including ASX-listed companies, Australian corporate bonds or notes, annuities, and commercial real estate.

NB: Direct investment in residential real estate continues to be prohibited and indirect investment in residential property through managed funds is now strictly limited. Investments must not be used as security or collateral for a loan.

WHAT HAPPENS IF THE VALUE OF THE COMPLYING SIGNIFICANT INVESTMENT FALLS BELOW AUD 5 MILLION?

The value of the complying significant investment must be at least AUD 5 million at the time the authority decide whether or not to grant the visa. Once granted, it does not matter if the complying investment falls below AUD 5 million.

If the Applicant withdraws his complying significant investment while holding the visa, he will need to reinvest it into another complying significant investment within 30 calendar days. If not, it will be considered as a breach of visa condition and the visa may be cancelled.

CAN THE SPOUSE OF THE APPLICANT MEET THE RESIDENCY REQUIREMENT IF THE APPLICANT CANNOT MEET IT?

Yes. The applicant’s spouse or de facto partner can meet the residency requirement for the family. The spouse would need to reside in Australia for at least 180 days per year. If this is the case, the main applicant would not need to meet the minimum residency requirement.

WHAT IF NEITHER PARTY CAN MEET THE RESIDENCY REQUIREMENT IN THE 4-YEAR PERIOD?

The Applicant can apply for the SIV extension and extend the provisional visa for a further 2 years to allow them to meet the residency requirement.

WHAT IS THE PROCESSING TIME?

Approximately 12-24 months

ARE THE APPLICANT AND HIS FAMILY ABLE TO WORK OR STUDY IN AUSTRALIA AS A PROVISIONAL SIV HOLDER?

Yes, there is no limitation with regards to the right to undertake work or study for the Applicant and his family.

WHAT IS THE GENERAL RESIDENCE REQUIREMENT TO BECOME AN AUSTRALIAN CITIZEN?