Subclass 893 Sponsored Investor or State/Territory Sponsored Investor Class DF Subclass 893 visa: Who can apply?
The Subclass 893 Sponsored Investor Visa is only for people who are currently holding a provisional or temporary State/Territory Sponsored Investor Subclass 165 visa.
In addition, you must continue to maintain a designated investment of at least $750,000 and have lived in the nominating state or territory for at least 2 years before applying for the Subclass 893 Sponsored Investor visa.
This is a permanent resident visa (click here to learn more about RRV 155 visa).
To qualify for this permanent Sponsored Investor visa, you must have made and maintained a designated investment of $750,000 for at least 4 years. What this mean is that you will only be eligible to apply for this permanent visa 4 years after been granted your Subclass 165 visa.
The provisional State/Territory Sponsored Investor Subclass 165 visa is now closed to new applicants. However, you could apply for a Business Investment visa (click here to learn more about 188B visa or 188C visa).
What is designated investment?
Designated investment is considered as government securities which will mature in not less than 4 years.
The repayment of the principal is explicitly guaranteed on maturity. You should note that designated investment does not expose the Australian government to any financial liability.
You are required to obtain from the state or territory (Treasury Corporation) that sponsored you for evidence confirming the date of the original designated investment in your and/or your partner (spouse or de facto partner) name, and the designated investment has not been withdrawn in the last 4 years.
When applying for the Subclass 893 Sponsored Investor visa, you must have been residing in the state or territory that nominated you while holding a Subclass 165 visa for at least 2 years in the 4 years immediately prior to your visa application.
You are not required to continuously resided for the 2 years, the 2 years can compose of any number of shorter stays.
You can prove that you have resided for at least 2 years in the last 4 years by providing, for example:
- ownership of residential property; or
- residential lease; or
- rental receipts; or
- utilities accounts; or
- correspondence addressed to you.
You should note that there is no legal provision for your partner (if you are the main primary applicant) or former partner to satisfy the primary criteria for the grant of Subclass 893 Sponsored Investor visa. In short, your partner cannot apply by himself or herself.
When applying for this visa, you must be in Australia, but members of your family can be in or outside Australia.
After you have been granted the Subclass 893 Sponsored Investor visa, you are required to maintain the designated investment but the Department of Immigration (Department of Home Affairs) does not have the power to cancel your visa for not maintaining your designated investment in Australia after maturity.
Australian migration law is complex and difficult to understand, contact our immigration lawyer for a free 15 minutes consultation to help you apply for this visa or to decide if this is the best visa for you (click here to learn how an immigration lawyer or registered migration agent can help you) or click here to learn more. You may also refer to our FAQs for answers regarding visa application or visa cancellation by clicking here.
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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