888 Investment Visa (Permanent)
After securing a Subclass 188 Business Innovation and Investment (Provisional) visa under the Investor or Significant Investor stream, the 188 visa holder must maintain their financial investment in Australian managed funds for the proscribed duration. Once complete, they may transition to Australian permanent residency under the Subclass 888 Business Innovation and Investment (Permanent) visa.
You must have made a complying investment of at least $2,500,000 in the investor visa scheme (188B/ 888B), or $5,000,000 in the significant investor visa scheme (188C/ 888C), and have held that investment for the life of your 188 visa.
The complying investment consists of the following:
- At least 20% in venture capital and growth private equity funds which invest in start-ups and small private companies.
- At least 30% in approved managed funds. The managed funds must invest in emerging companies listed on the Australian Stock Exchange.
- At most 50% in balancing investment.
888B Residence Requirement
To transition from a 188B visa to an 888B visa, you will need to meet specific residency criteria. To be eligible, you must have resided in Australia as a 188B visa holder for a minimum of two (2) years within the three (3) years immediately preceding your 888B visa application.
Additionally, if your invitation to apply for the 888B visa was issued after July 1, 2021, you will need to have held the 188B visa for a continuous period of three (3) years.
888C Residence Requirement
To be eligible, you must have held a Subclass 188C visa, whether it is a 188C visa or 188C Extension visa, for a continuous period of four (4) years.
If you are the primary applicant for the 888C visa, your presence in Australia is calculated as follows:
- You must have spent a total of 40 days in Australia for each complete year in which you held a Subclass 188 visa in the Significant Investor stream.
- Extension Stream – You need to account for 40 days for each year (including partial years counted as one year) during which you held a Subclass 188 visa in the Significant Investor Extension stream.
For spouses of 888C primary visa applicants, your residency in Australia is determined as follows:
- You must have spent a total of 180 days in Australia for each complete year in which the primary applicant held a Subclass 188 visa in the Significant Investor stream.
- Extension Stream – You will need to consider 180 days for each year (including partial years counted as one year) during which the primary applicant held a Subclass 188 visa in the Significant Investor Extension stream.
Member of Family Unit
For secondary holders of 188B or 188C visas, it is essential to understand that they can still meet the primary criteria for these visas even in the face of unexpected events like a relationship breakdown or the unfortunate passing of the primary visa holder. However, there’s an important condition to remember – the complying investment must have been maintained until the grant of the 888 visa in their respective streams.
What about the children? – If a child applicant is no longer dependent on the 888 primary visa holder, there is still a way forward. Children can continue to be part of the 888 visa application if their 188 visas were originally granted based on their status as members of the family unit.
888 State Nomination Criteria
Renewal of 888 Visa
888 visa is a permanent visa that permits you to live and work in Australia on a permanent basis. It further grants a five-year travel facility to depart and return to Australia. After the five (5) years, a Subclass 155 Resident Return visa must be sought in order to allow future returns to Australia.
888 Visa Application Charges
In addition to your complying investment, the Australian Government charges fees when lodging an application for 888B or 888C. The total cost depends on a number of factors, including the English proficiency of each adult applicant and the number of total applicants.
- Primary applicant: $3,310
- Additional applicant charge for an applicant who is at least 18: $1,660
- Additional applicant charge for an applicant who is less than 18: $825
Second Instalment (only occurs if an adult secondary applicant for a 888 visa has not paid the second instalment in relation to their application for a Subclass 188 visa)