Residence in AustraliaOverview
For more than a decade Australia's Business Innovation and Investment Program (BIIP) was one of the best-known investor migration routes in the region. Its Significant Investor stream granted a provisional subclass 188 visa to applicants who placed A$5 million in complying investments, with a path to permanent residence through the subclass 888 visa. Following the Government's 2023 review of the migration system, which concluded that the program delivered weak economic outcomes, the Significant Investor stream stopped accepting new applications in 2024 and the Department of Home Affairs permanently closed the whole BIIP to new applications on 31 July 2024.
The closure covered every provisional stream of subclass 188 (Business Innovation, Investor, Significant Investor and Entrepreneur) and the permanent subclass 132 Business Talent visa (Significant Business History and Venture Capital Entrepreneur streams). Applications lodged before the closure continue to be processed, and Home Affairs offered refunds to applicants in the closed streams who chose to withdraw. Planning levels for the program were reduced in the 2024–25 Migration Program as remaining cases are worked through.
What remains is a transitional pathway. People who already hold a subclass 188 visa may still apply for the permanent subclass 888 visa once they satisfy their stream's residence, business or investment conditions and obtain state or territory nomination; Victoria and Queensland, among others, have confirmed they continue to nominate. Extension streams for Business Innovation and Significant Investor holders also remain open to existing visa holders. These options are not available to new applicants.
For new arrivals, the principal route for high-calibre entrepreneurs and leaders is the National Innovation visa (subclass 858), a permanent visa introduced in December 2024. It is invitation-only, based on an Expression of Interest, and requires an internationally recognised record of exceptional and outstanding achievement in an eligible field. There is no fixed investment amount; selection depends on achievement and expected benefit to Australia. Business owners may also consider employer-sponsored routes, which require a genuine Australian business, a real position and compliance with salary thresholds.
Key benefits
- Clarity: an accurate view of which routes are closed and which remain, avoiding wasted applications and fees
- National Innovation visa grants permanent residence directly, without a provisional stage
- Existing 188 holders retain a defined path to permanent residence through subclass 888
- Permanent residents can include partners and dependent children and may later apply for citizenship
- Access to a stable legal system, deep capital markets and a large regional economy
- Sponsored routes allow established businesses to bring key executives to Australia
Requirements
- New investor-only applications cannot be lodged: the BIIP and Significant Investor stream are closed
- Subclass 888: current subclass 188 visa, compliance with the stream's residence and investment or business conditions, and state or territory nomination
- National Innovation visa: an invitation following an Expression of Interest
- National Innovation visa: internationally recognised record of exceptional and outstanding achievement in an eligible field and ongoing prominence
- National Innovation visa: evidence that the applicant would be an asset to the Australian community
- Employer-sponsored routes: an approved sponsor, a genuine position and the applicable income threshold
- Health and character requirements for all applicants and included family members
Investment options
National Innovation visa (subclass 858)
Permanent visa by invitation for individuals with exceptional, internationally recognised achievement, including accomplished entrepreneurs and business leaders. No investment threshold applies.
Business Innovation and Investment (Permanent) visa (subclass 888)
Only for existing subclass 188 holders who meet their stream's conditions and secure state or territory nomination. Not open to new applicants.
Employer-sponsored residence
Temporary and permanent sponsored visas for executives and specialists employed by a genuine Australian business, subject to salary thresholds and sponsor obligations.
Significant Investor Visa (closed)
Formerly A$5 million
No longer accepts new applications. Existing holders may pursue extension or subclass 888 permanent residence under the former rules.
Step-by-step process
- 1
Status review
We confirm whether the client holds or has lodged a BIIP visa, or is a new applicant, as this determines which routes are open.
- 2
Pathway assessment
For new applicants we evaluate the realistic prospects under the National Innovation visa or a sponsored route; for 188 holders we test 888 eligibility.
- 3
Evidence building
We compile evidence of achievement, business history, investments and compliance with visa conditions.
- 4
Expression of Interest or nomination
We prepare the National Innovation EOI, or the state or territory nomination for subclass 888.
- 5
Visa application
On invitation or nomination, the visa application is lodged with Home Affairs with all supporting documents and family members.
- 6
Post-grant planning
We coordinate tax residency, property and structuring advice, noting restrictions on foreign purchases of established dwellings.
Typical documents
- Valid passports for all applicants
- Police certificates from each country of residence for the relevant period
- Health examinations as directed by Home Affairs
- Evidence of achievement: awards, publications, patents, media coverage or senior roles (National Innovation visa)
- Business and investment records, audited accounts and tax returns
- Current 188 visa grant and evidence of meeting its conditions (subclass 888)
- State or territory nomination approval where required
- Relationship and birth certificates for family members
How Legal Wealth helps
Legal Wealth gives clients a candid assessment of Australia's position: we will not present a closed investor route as available. We help existing 188 holders protect their path to permanent residence, assess whether a founder or executive has a credible National Innovation profile, and coordinate sponsored routes for genuine businesses. Because Australian residence carries significant tax and reporting consequences, we align the move with the family's structuring, succession and asset protection planning. Enquiries are welcome at info@legalwealthglobal.com.
Enquire with Legal WealthFrequently asked questions
Can I still apply for the Australian Significant Investor Visa?
No. The Significant Investor stream stopped accepting new applications in 2024, and the whole Business Innovation and Investment Program closed to new applications on 31 July 2024.
I already hold a subclass 188 visa. What happens now?
You can still apply for the permanent subclass 888 visa once you meet your stream's requirements and obtain state or territory nomination. Extension streams also remain available to existing holders.
Is there a replacement investor visa?
There is no visa granted on the basis of a set investment amount. The National Innovation visa, introduced in December 2024, targets people with exceptional, internationally recognised achievement and is by invitation only.
Can I buy a home in Australia as a foreign investor?
Foreign persons are temporarily barred from purchasing established dwellings from 1 April 2025 to 31 March 2027, subject to limited exceptions. New dwellings remain subject to Foreign Investment Review Board approval and fees.
Can my family be included?
Yes. Partners and dependent children can generally be included in permanent visa applications, subject to health and character requirements.
Does Australian permanent residence lead to citizenship?
Permanent residents may apply for citizenship once they meet the residence requirement, generally four years of lawful residence including one year as a permanent resident, together with the other legal criteria.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
Sources
- Live in Melbourne (Victorian Government) – BIIP closure and refunds
- Migration Queensland – Business Innovation and Investment (Permanent) visa (subclass 888)
- Department of Home Affairs – National Innovation visa (subclass 858)
- Department of Home Affairs – Business Innovation and Investment (subclass 888)
