Only applicants who have been nominated by an Australian State or Territory government are eligible for this visa. The applicant must submit an Expression of Interest (EOI) using the SkillSelect system in order to be considered for nomination.
This is a four-year temporary visa for those who are willing to invest AUD $5 million in Australia. The candidate can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa after maintaining an investment in Australia for four years.
To apply for this visa, the applicants can be in Australia or abroad.
If the applicant is based in Australia, the following steps must be taken:
- A Substantive Visa or a Bridging A, B, or C Visa is required.
- The SIV 188 visa has the following benefits:
- There is no higher age limit.
- There is no requirement for English proficiency.
- no points test
- Allows for at least two extensions of two years each (if extension requirements are met)
- The 888 Permanent visa has a lower residency requirement (40 days per year for the primary applicant and 180 days for the spouse).
