Who this may suit
Existing subclass 188 Investor applicants and holders planning their next steps or checking a possible subclass 888 application.
Key considerations
- New subclass 188 Investor applications are closed.
- Invitation and application dates can determine which investment and residence rules apply.
- An investment or provisional visa does not guarantee permanent residence.
What the closure means for an existing case
Home Affairs states that applications lodged before the 31 July 2024 closure continue to be processed under applicable priorities and planning levels. Closure does not itself mean that an undecided application was approved, refused or withdrawn.
An existing subclass 188 holder may still pursue the permanent stage if the relevant requirements are met. Check the actual grant letter, expiry date, conditions and family members. Do not assume that the closure extended the visa or removed the need for a further application.
Identify the correct investment cohort
The Investor stream changed on 1 July 2021. Home Affairs distinguishes people invited before that date, whose pathway involved a designated investment of AUD 1.5 million with the nominating state or territory, from the later complying-investment framework of at least AUD 2.5 million.
For the earlier framework, maintaining the designated investment for the relevant period is central. For the later framework, compliance with the investment requirements throughout the relevant provisional-visa period matters. A current portfolio balance alone does not establish that the history or composition complied.
Keep the invitation, application and grant dates together with the investment records. Do not combine an old article’s lower investment figure with a later cohort’s rules. Before changing, redeeming or transferring an investment, obtain migration and appropriately qualified financial or tax advice.
Check the 888 timing and residence requirements
The permanent Investor stream has cohort-dependent rules. Under the current regulations, later-cohort primary applicants generally need to have held the relevant provisional visa for at least three years to make the application. Earlier invitations are treated differently.
The residence criterion generally distinguishes two years in Australia within the four years before application for the earlier cohort, from two years within the three years before application for the later cohort. The applicable visa-holding periods, spouse provisions and any concessions need individual assessment.
Investment-holding requirements also differ: the older designated-investment framework usually requires four years, with limited historical or concession provisions, while the later framework examines continuing complying investment. Prepare a dated travel and investment history rather than assuming that reaching the visa’s third or fourth anniversary is enough.
State nomination and supporting evidence
Subclass 888 requires the relevant state or territory nomination to remain in place. Check that jurisdiction’s current procedure and the criteria applying to your original cohort. State nomination is a separate step from the Commonwealth visa decision.
For example, NSW publishes separate legacy nomination criteria for people nominated by NSW before 1 July 2021. That distinction illustrates why another applicant’s state checklist may be unsuitable for your case. Use your own nominating authority’s current instructions.
For a preliminary review, organise the grant notices, nomination records, invitation, travel history, investment statements and evidence of any changes. Business and investment compliance, family circumstances, health and character can also need attention. These preparation suggestions do not replace the official application checklist.
Discuss the existing visa and next stage →
Withdrawal and refunds require care
Home Affairs publishes a withdrawal-and-refund process for certain pending Business Innovation and Investment applications, including the Investor stream. Eligibility and the required steps must be checked; the closure did not automatically refund every charge.
Withdrawing a pending application can affect immigration status and other options. Review the consequences for the applicant and accompanying family before giving a withdrawal instruction. A possible refund should not be treated as a reason to withdraw without that review.
How the National Innovation visa differs
The National Innovation visa is subclass 858. It is an invitation-based permanent pathway for people with exceptional achievements who meet its requirements. Innovative investors may be among the people considered, but making an investment or holding a subclass 188 visa does not automatically qualify someone.
There is no automatic conversion of an Investor-stream case into a National Innovation visa. Compare any genuinely available alternative against the existing-holder pathway, lawful stay and evidence; do not rely on this page’s historical URL as a legal classification.
How we can help
Ausdirect can review the original cohort, visa and nomination history, identify evidence gaps and explain the migration steps for an existing Investor-stream case. Investment selection and tax advice should come from appropriately qualified advisers.
Questions to consider
Can I still lodge a new 188B application?
The Business Innovation and Investment Program closed to new applications on 31 July 2024. This guide concerns existing cases and the permanent stage.
Should I sell or move an investment once the minimum period appears complete?
Have the applicable cohort, visa stage and continuing obligations checked first. Changes may affect evidence or eligibility, and financial and tax consequences need separate qualified advice.
Does state nomination guarantee the 888 visa?
No. Nomination is one part of the process. The Commonwealth application must also satisfy the applicable criteria.
Your next step
Bring the invitation, application and grant dates, nominating jurisdiction, investment history and travel record to a consultation before committing to an application, investment change or withdrawal.