188B visa Victoria nomination is for people who are willing to invest at least $2.5m into complying investments and to maintain business and/or investment activity in Victoria.
The 188B visa Victoria nomination is valid for up to 5 years and can apply for permanent residence (click here to learn more about Subclass 888 visa) after 3 years.
There is no processing fee for Subclass 188B visa Victoria nomination and the processing time is approximately 20 business day.
To apply for the 188B visa Victoria nomination you must satisfy:
- you must not be over 55 at the time of application
- you must score at least 80 points in the points test (click here to calculate your points)
- you must live in Victoria for at least 2 years while holding the Subclass 188B visa
- you must make a complying investment of at least $2.5m
Complying investments in Victoria
To be eligible for 188B visa Victoria nomination, you must make a complying investment of at least $2.5m, comprising of:
- 20% in eligible Victorian Venture Capital and Private Growth Equity (VCPE) funds; $500,000 will be invested in start-up and small private companies; VCPE is Victorian based Early Stage Venture Capital Limited Partnership (ESVCLP), Venture Capital Ltd Partnership (VCLP) or a Fund of Funds (AFOF); VCPE must be unconditionally registered with the Dept of Ind, Science, Energy and Resources.
- 30% in eligible managed funds or Listed Investment Companies (LICs); $750,000 must be invested in emerging companies
- 50% or $1.25m must be invested in balancing investments in managed funds or LICs that invest in eligible assets, for e.g., Australian listed securities, eligible corporate bonds or notes, annuities and real property; eligible complying investments (emerging companies and balancing) must make a contribution to the Victorian economy and investment must be made into businesses, infrastructure, projects or ventures
If you are successful with 188B visa Victoria nomination, you are required to sign and comply with your nomination obligations.
Your nomination cannot be transferred to another state or territory, in short, you must invest in Victoria and must not live (including your family) in other states or territories.
Permanent residence pathway
188B visa Victoria nomination is a temporary or provisional visa valid for 5 years, you must satisfy the below requirements to apply for the permanent Investor Subclass 888 visa.
Evidence of complying investments
You must provide evidence of having made and maintain at least $2.5m complying investments.
While holding your Subclass 188B visa, you can change your investments provided you continue to maintain at least $2.5m amount and continue to meet the complying investment rules.
Keep Victoria Government informed
You are required to notify the Victoria Government of any changes to your contact details.
You must participate in any Victoria Government surveys.
Comply with nomination obligations
You must comply with your 188B visa Victoria nomination obligations.
Commitment to Victoria
You must live in Victoria for at least 2 years before applying for Subclass 888 visa. You are required to buy or rent a residential home. Staying with friends is not accepted.
If your 188B visa Victoria nomination is refused, you will not be able to submit a new application for 6 months or request for a review of your application, unless there was an administrative error in your refusal.
You cannot request the Victoria Government to renominate you if:
- your EOI was incorrect
- your nomination has expired and you did not submit your Subclass 188B visa application within 60 days
However, you can submit a new 188B visa Victoria nomination.
Australian migration law is complex and difficult to understand, contact our immigration lawyer for a consultation (fee applies).
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This article is not intended to be or taken as migration legal advice. The author of this article disclaims any liability for any action or omission on the information provided or not provided in this article. You should always consult an immigration lawyer or a registered migration agent to form an informed opinion on your immigration matter.