We’ve always got “gaining permanent residency” in our line of sight; let us now take you from the temporary investor stream business innovation and investment visa (subclass 188) to the permanent investor stream business innovation and investment visa (subclass 888).
- Resident in Australia for at least 2 years in the 4 years before the time of application
- Designated investment must have been held for prescribed period
- No involvement in unacceptable business or investment activities
- Genuinely have a realistic commitment to continue to maintain business or investment activity in Australia
The applicant may be either the main 188 visa holder or a secondary holder. When a secondary 188 holder applies as the main applicant for the 888 visa, it is called role swapping, and is allowed in certain visa applications. The applicant that is chosen to be the main applicant for the business innovation 888 visa must fulfil all the conditions.
The applicant must have been resident in Australia for at least 2 years in the 4 years before the time of application. This time can be accumulated over the 4 years and does not have to be one continuous stay. Time in Australia can only be counted after the grant of the investor stream 188 visa.
The 188 visa holder would have had to make a designated investment in the name of the applicant, applicant’s partner, or applicant and partner combined, for the grant of the 188 visa. This investment must have been held:
- For 3 years and 11 months for applicants who made their investor stream 188 visa application before 1 July 2015
- For 4 years for applicants who made their investor stream 188 visa application from 1 July 2015
No withdrawals within this period must have been made. Evidence would include payout from the investment on maturity, confirmation from the Treasury Corporation or bank statements confirming the repayment of the amount.