There is no “golden visa” program in Australia. The Significant Investor Visa (SIV) was officially discontinued in 2024. However, other investment and innovation visas still exist, such as the Business Innovation and Investment (Provisional) Visa (Subclass 188).
These include streams with investment requirements of AUD 2.5 million and the National Innovation Visa for exceptionally talented individuals.
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Significant Investor Visa (SIV) status
- Closed to new applications: The Significant Investor Visa (subclass 188) closed to new applications on July 31, 2024.
- Processing ongoing: Applications submitted before the closure date will continue to be processed.
- Reason for closure: The program was scrapped after a government inquiry and other reports highlighted concerns about its potential for money laundering and other illicit activities.
Alternative options for investors
- While the SIV is closed, other business and investment visa options are available, though they are not as streamlined.
- The 858 National Innovation Visa (NIV) is a new program designed for high-achievers in specific fields, such as creatives and athletes.
- Other streams under the Business Innovation and Investment Program (BIIP), such as the Business Innovation stream, may still be an option.
- Applicants for the NIV must be nominated by a recognized organization or government agency.
Australia golden visa process
Golden Visa : The Australian “golden visa” process involves submitting an Expression of Interest (EOI), being nominated by an Australian state or territory, and then lodging a visa application for a Significant Investor stream after receiving an invitation.
Key requirements include a minimum AUD $5 million investment in complying Australian assets, a genuine intention to hold the investment for the visa’s duration, and passing health and character checks. After the initial visa is granted, you must maintain the investment and meet residency requirements for four years before applying for permanent residency.
Step 1: Submit an Expression of Interest (EOI)
- Submit an EOI through the SkillSelect system to indicate your interest in the Significant Investor visa stream.
Step 2: Get nominated
- An Australian state or territory government agency will review your EOI.
- If approved, you will receive an invitation to apply for the visa.
Step 3: Lodge the visa application
- You have 60 days from the invitation date to lodge your visa application.
- Submit all required documentation, including proof of funds and investment sources.
- Pay the application fees.
Step 4: Make the investment
- After your visa is approved, you must make the AUD $5 million investment in complying Australian assets.
- The investment must be held for at least four years.
Key eligibility and post-visa requirements
Genuine Intent: You must demonstrate a genuine intention to live in the nominating state or territory and hold the investment for the duration of the visa.
Investment: A minimum of AUD $5 million must be invested in complying assets, with a specific breakdown required, such as in venture capital, private equity, and managed funds.
Residency: You must reside in Australia for at least 40 days per year for four years.
Health and Character: You and your family members must meet Australia’s health and character requirements.
Permanent Residency: After fulfilling the four-year provisional visa requirement, you can apply for permanent residency (Subclass 888 visa).