Australia Significant Investor Visa (Closed)

What the program offered

Australia launched the Significant Investor Visa (SIV) in November 2012 as the Significant Investor stream of the Business Innovation and Investment (Provisional) visa, subclass 188. Applicants had to be nominated by a state or territory government and invest at least A$5 million in complying significant investments in Australia. Under the complying investment framework introduced in 2015, the A$5 million had to include:

• at least A$500,000 in Australian venture capital or growth private equity funds;
• at least A$1.5 million in approved managed funds investing in emerging companies listed on the Australian stock exchange;
• the balance, up to A$3 million, in other managed funds that invested in eligible Australian assets.

Investors had to hold the investments for four years and spend at least 40 days a year in Australia. They could then apply for permanent residence through the Significant Investor (Permanent) visa, subclass 888C.

Why it closed

Australia’s December 2023 Migration Strategy concluded that the Business Innovation and Investment Program (BIIP) did little for the economy compared with skilled migration. The government stopped issuing new SIVs, and the whole BIIP, including the Business Innovation, Investor, Significant Investor and Entrepreneur streams, closed to new applications on 31 July 2024. In December 2024 it launched the National Innovation Visa (subclass 858), an invitation-only visa for people with exceptional achievements in their field, in place of business and investor migration.

What happens to existing SIV holders?

Applications lodged before 31 July 2024 continue to be processed. Holders of a provisional 188C visa can still apply for an extension (up to four more years) or for permanent residence through subclass 888C once they meet the investment and residence conditions.

Sources

• Department of Home Affairs – Business Innovation and Investment (Provisional) visa, subclass 188
• NSW Government – Business and investor visas
• Best Citizenships – Australia Significant Investor Visa