This visa is only available to applicants who are nominated by an Australian State or Territory government. To be nominated, the applicant must lodge an Expression of Interest (EOI) through the SkillSelect system.
This is a 5-year temporary visa, for people willing to make an AUD 5 million investment in Australia. After maintained an investment in Australian for 4 years, the applicant can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa.
The applicants can either be in Australia or overseas to lodge this visa.
If the applicant is in Australia:
- Must hold a Substantive Visa or a Bridging A, B or C visa.
Advantages of the SIV 188 visa:
- No upper age limit,
- No English Language requirement,
- No Points Tests
- Provides for at least 2 Extensions – of 2 years each (if extension requirements are met)
- Lower residence requirement (40 days per year for main applicant or 180 days for spouse) to apply for the 888 Permanent visa.