The Australian Government announced that it will close the Business Innovation and Investment Program (BIIP) from July 2024 and replace it with the new National Innovation Visa. Follow this link for more details about the National Innovation Visa.
Business Innovation and Investment (Permanent) visa (subclass 888) – Significant Investor (SIV) Stream
Holders of the AUD 5 million Significant Investor Visa can apply for the permanent subclass 888 visa when the following requirements are met:
- you have lived in Australia for at least 40 days per year cumulatively or your partner has lived in Australia for at least 180 days per year cumulatively while holding the provisional subclass 188 SIV for four years
- you have continuously maintained the complying investments for at least four years
The key issues for this visa include the demonstration of continuously holding complying investments of AUD 5 million for at least 4 years, and ensuring that the investments made are compliant as eligible investments under the SIV framework.
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