This is a temporary visa granted for a period of 4 years and is for people who want to make a designated investment of at least $1.5 million in an Australian State or Territory. Holding this visa is a prerequisite to applying for the Investor Stream subclass 888, which is a permanent visa.
What criteria do I have to satisfy?
Applicants for this visa stream must:
- be under 55 years of age (although States can waive this requirement if the proposed investment will be of exceptional economic benefit)
- score at least 65 points in the Business Innovation and Investment points test
- have a high level of management skill in relation to the eligible investment or qualifying business activity
- have a genuine commitment to maintaining investment activity after the original investment has matured
- have a genuine intention to live for at least 2 years in the State or Territory where the initial investment is made
In addition the applicant, the applicants partner or both combined must, for at least one of the five fiscal years before being invited to apply, have directly managed a qualifying business in which the applicant(s) have at least a 10% ownership interest or have directly owned and managed eligible investments of at least $1.5 million. In addition, in the two years fiscal years before being invited to apply, applicants need to have business, investment or personal assets of at least $2.25 million which are available for transfer to Australia within 2 years of the visa being granted. Applicants are also required to make a designated investment of at least $1.5 million in a State or Territory Government security and be prepared to hold that investment for at least 4 years.
How can I apply?
To be able to apply for this visa, applicants must submit an Expression of Interest ('EOI') through the SkillSelect platform, be nominated by a State or Territory Government and then be invited to apply for the visa by the Minister.
Once an invitation to apply has been received, applicants have 60 days to submit the visa application. As a result of this deadline, applicants may want to consider collating the required supporting documentation for the visa application before submitting the EOI.