Key changes from 1 July 2021 include:
* Proportions of the complying significant investment changes to at least AUD1 million in venture capital and growth private equity funds, and at least AUD1.5 million in approved managed funds, and a “balancing investment” of at least AUD2.5 million in managed funds
Who is 188C Significant Investor Visa (SIV) suitable for?
188C Significant Investor Visa (SIV) is suitable for high net-worth applicants who may not be able to commit to living in Australia for a long period of time. The applicant must make investments in approved SIV fund. To be eligible for 888C Significant Investor Permanent Visa, the applicant must hold the investment for the whole period, and meet the residency requirement. You can check the eligibility requirement of the 188C Significant Investor Visa below.
There are a few key benefits of a 188C Significant Investor visa. Compared to 188A or 188B, there is no age limit for 188C and it does not require EOI points. Also, you can meet the residency requirement by living in Australia for at least 40 days each year you held the 188C visa.
188C Main Eligibility
- Requires invitation to apply for the visa
- Invests AUD5,000,000 in complying significant investments in Australia and hold for 4 years
- Genuine intention to reside in the nominating State or Territory
188C Main Conditions
- For offshore applicants, first entry must be made before the date specified by the Minister
Main Eligibility for Permanent Resident Visa
- Has held the 188C visa for at least 3 years
- Either the applicant has been in Australia for at least 40 days each year or the spouse/de facto partner has been in Australia for at least 180 days each year you held the 188C visa
- Have held your AUD5million complying significant investment for the whole period
Did you know this for 188C?
- For 188C Significant Investor visa, there is no age limit
- Complying significant investments include AUD1,000,000 in venture capital funds and growth private equity funds, and AUD1,500,000 in approved managed funds and remaining in one or more balancing investment funds
- 188C has a short residency requirement – you must live in Australia for at least 40 days each year (or your partner must live in Australia for at least 180 days each year) to be eligible for Subclass 888 permanent visa
188C Significant Investor Additional Information
|Stay||Up to 5 years with pathway to Business Innovation and Investment (Permanent) visa subclass 888 which is a permanent visa|
|Cost||AUD8,925 for primary applicant|
AUD4,465 for additional applicant over 18 years
AUD2,235 for additional applicant under 18 years
If applicant does not have at least Functional English, they are required to pay the second instalment charge as follows:
AUD9,795 for primary applicant
AUD4,890 for secondary applicant over 18
|Processing Time||75% of applications: 13 months|
90% of applications: 21 months
You and your family members may be required to take a health examinations to meet the health requirement to show that you are free from any disease or condition that is:
- a significant healthcare and community service cost to the Australian community
- likely to limit the access of Australian citizens and permanent residents to healthcare and community services that are in short supply by placing demand on those services.
Your health examination will include the standard medical examination. Additional tests (such as TB Screen test, chest x-ray, and HIV test) will be required by different age groups. In some circumstances, you may be required to take additional tests such as: hepatitis B and C test, syphilis test, HIV test, and tests that address your specific health risks.
You must be of good character and pass the character test. There are a number of circumstances where you may not pass the character test. For example, if you have a substantial criminal record. A substantial criminal record means if you have been:
- sentenced to death or imprisonment for life
- sentenced to a term of imprisonment of 12 months or more
- sentenced to two or more terms of imprisonment (even if served concurrently) where the total is 12 months or more
- found by a court to not be fit to plead in relation to an offence but found to have committed the offence and detained in a facility or institution
You may be required to obtain one or more documents to prove your character, such as: a police certificate, Form 80, character statutory declaration, military certificate, or a letter of good conduct from an employer.
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