Important — programme closed: The Significant Investor Visa (Subclass 188C) and the wider Business Innovation and Investment Programme (BIIP), including the Subclass 188A, 188B and 188C provisional visas, were closed to new applications on 31 July 2024. The closure followed a government review that found the programme delivered poor economic outcomes for Australia. Applications lodged before that date continue to be processed, and existing 188 holders can still apply for the relevant permanent (Subclass 888) or extension streams. There is no longer a capital-led investor visa for new applicants. The current permanent route for high-calibre individuals is the talent-led National Innovation Visa (Subclass 858), an invitation-only visa that replaced the former Global Talent visa on 7 December 2024. This guide is retained for reference and for applicants already in the pipeline.
Programme Overview
Australia operated formal investor immigration programmes from the 1990s until 2024. The Significant Investor Visa (SIV, Subclass 188C) formed part of the Business Innovation and Investment Programme (BIIP) and targeted high-net-worth individuals who could make a substantial, active investment in the Australian economy in exchange for the right to settle in Australia and ultimately acquire one of the world's strongest passports. The programme closed to new applications on 31 July 2024 (see notice above).
The SIV had, in its final form, been reformed to place greater emphasis on venture capital, growth private equity, and emerging company investment — reflecting the Australian government's priority of channelling programme capital into high-growth, innovation-oriented areas of the economy rather than passive fixed-income instruments. This made the SIV a more demanding investment proposition than many comparable programmes globally, but it also meant that qualifying investors participated in the potential upside of Australia's growth economy.
For internationally mobile high-net-worth individuals — particularly those from Asia-Pacific countries seeking a stable, English-speaking base with exceptional quality of life and proximity to Asian markets — Australian permanent residency and citizenship remained a premium objective. New applicants should note that the investor route is now closed and should consider the National Innovation Visa or other current pathways.
Investment Requirements
The SIV requires a minimum investment of AUD 5 million in "Complying Significant Investments" (CSIs), allocated across three mandatory asset class tranches:
Tranche 1 — Venture Capital and Growth Private Equity (minimum 10% of AUD 5m = AUD 500,000): Investment must be made in qualifying Australian venture capital or growth private equity funds, as defined by the Australian Investment Council. This is the highest-risk, highest-potential-return component. Qualifying VC funds are managed by AFSL-licensed managers and must focus on Australian companies.
Tranche 2 — Emerging Companies (minimum 30% of AUD 5m = AUD 1.5 million): Investment in the S&P/ASX Emerging Companies Index securities, or managed funds that invest primarily in such companies. These are smaller, higher-growth ASX-listed companies.
Tranche 3 — Balanced Commercial Investments (minimum 60% of AUD 5m = AUD 3 million): The remainder may be invested in a broader range of qualifying assets including managed funds investing in ASX-listed equities, eligible direct managed funds, real property (with restrictions), debentures of State and Territory governments, and Australian AFSL-regulated financial products. This tranche provides the most flexibility within the overall framework.
Investments must be maintained at the required levels for the duration of the provisional visa period (4 years). Investment returns (dividends, capital gains) may be reinvested or repatriated; the AUD 5 million principal must remain invested in qualifying CSIs throughout.
The Business Innovation and Investment Programme (BIIP): Other Streams (now closed)
The SIV (Subclass 188C) sat alongside other BIIP streams that suited different investor profiles. All of the following were closed to new applications on 31 July 2024:
Business Innovation Stream (Subclass 188A): For individuals who owned or managed a business and met defined turnover, net business asset, and ownership requirements. Required a state or territory government nomination, with ongoing business activity requirements in Australia.
Investor Stream (Subclass 188B): A lower investment threshold alternative — AUD 2.5 million invested in complying investments. Places were limited, and the requirement made this stream unattractive for most investors in its final years. State sponsorship was required.
State Sponsorship Requirement
All BIIP applicants require nomination by a state or territory government. This is a critical step and a genuine constraint on programme access. Each Australian state and territory — New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania, Northern Territory, ACT — has its own nomination programme with different requirements, priorities, and available places.
Key considerations for state nomination:
- States have annual allocation rounds with limited places; expressions of interest are lodged via SkillSelect and state-specific portals
- Each state has different priorities (South Australia has historically been more accessible for SIV applicants; Victoria, NSW, and Queensland attract the most applications)
- Some states require applicants to demonstrate a connection to the state, a willingness to reside there, or specific business interests in the state
- Obtaining a state nomination is not guaranteed and typically requires proactive engagement with state investment attraction agencies
Working with a specialist Australian migration agent who maintains active relationships with state government investment teams is essential.
The Provisional to Permanent Pathway
The BIIP pathway involves two stages:
Stage 1 — Subclass 188 (Provisional Visa): The SIV grants a Provisional Visa (Subclass 188C) valid for 4 years. During this period, the qualifying investment must be maintained. Physical residency in Australia of a minimum 40 days per year for the primary applicant (and 180 days per year for the primary and secondary applicant combined across the 4-year period) is required.
Stage 2 — Subclass 888 (Permanent Visa): After meeting the investment holding, residency, and compliance requirements over the 4-year provisional period, applicants may apply for a Permanent Resident Visa (Subclass 888). Permanent residency grants the right to live and work anywhere in Australia indefinitely.
Stage 3 — Australian Citizenship: Australian citizenship is available after holding permanent residency for 4 years, having been physically present in Australia for at least 4 years in the 4 years preceding the application (with a minimum of 1 year as a permanent resident). Dual nationality is permitted — Australia allows applicants to retain their original citizenship.
The Australian Passport
The Australian passport consistently ranks among the world's top five most powerful travel documents, providing visa-free or visa-on-arrival access to approximately 185+ countries as of 2026, including the UK, Schengen Zone, United States (ESTA), Canada, Japan, and virtually all OECD and major economies. For applicants from countries with more restricted travel documents, this represents one of the highest-value potential outcomes of any residency or citizenship programme globally.
Tax Considerations for New Australian Residents
Australia taxes residents on worldwide income. Key considerations for new residents:
Capital Gains Tax (CGT): Australia levies CGT on gains from the disposal of assets. Importantly, assets owned before becoming an Australian resident are deemed to be acquired at market value on the date of residency commencement — this "tax-free step-up" can be highly advantageous for assets with large unrealised gains held prior to arrival.
50% CGT discount: Assets held for more than 12 months qualify for a 50% discount on taxable capital gains — reducing the effective CGT rate significantly.
No inheritance tax: Australia has no estate or inheritance tax at the federal level (nor at state level currently). This is a meaningful advantage for estate planning purposes.
No wealth tax: Australia levies no annual wealth or net worth tax.
Superannuation: Australian tax residents may be required to make superannuation contributions on Australian employment income; the employer super guarantee rate is 12% from 1 July 2025 (it was 11.5% in 2024–25).
UK-Australia DTA: The UK-Australia Double Taxation Agreement provides relief on double taxation for residents with income in both jurisdictions. UK nationals who become Australian tax residents should obtain specialist advice on the management of existing UK income, pension rights, and investment structures under the treaty.
Quality of Life
Australia's consistently high global quality-of-life rankings reflect genuine merits: a stable democracy with strong rule of law; world-class universities; excellent private and public healthcare; diverse multicultural cities (Sydney, Melbourne, Brisbane, Perth) with sophisticated infrastructure; remarkable natural environment; and a geographic position that makes it the natural English-speaking hub for Asia-Pacific business and family planning.
For investors from Asian markets — particularly South and South-East Asia — Australia offers cultural familiarity, large established communities of diaspora from most Asian countries, and excellent air connectivity to regional business centres.
How Global Investments Can Help
Because the Significant Investor Visa and the wider Business Innovation and Investment Programme are now closed to new applications, Global Investments advises clients honestly on the current Australian pathways rather than the discontinued investor route. For exceptional, internationally recognised individuals, the National Innovation Visa (Subclass 858) is the primary permanent option; we also advise on skilled and employer-sponsored routes and on long-term tax planning for new Australian residents with complex international income structures.
We work in close collaboration with licensed Australian migration agents and Australian tax specialists to ensure clients pursue a viable pathway aligned with their broader financial objectives. For clients already holding a Subclass 188 visa, we can advise on the permanent (Subclass 888) and extension streams that remain available.
Contact our team for a confidential consultation on Australian immigration.
Australian immigration regulations change; this guide reflects conditions as of June 2026, including the closure of the BIIP to new applications on 31 July 2024. Investment values may go down as well as up. Professional legal, migration, and tax advice is essential before making any investment or immigration decision.
This guide is for general information only and does not constitute legal, financial or immigration advice. Programme details, investment thresholds, and eligibility requirements change; always verify current requirements with a qualified immigration lawyer and financial adviser before making any investment or application. Investment values can fall as well as rise.