Is Australia's Significant Investor Visa Still Open?

Australia's Significant Investor visa, the AUD 5 million stream of the Business Innovation and Investment (Provisional) visa (subclass 188), closed to new applications on 31 July 2024. Applications made before then are still processed, and holders can still extend or apply for permanent residence (subclass 888). The visa that followed is a talent visa, not an investor visa.

Law as at 9 October 2026. See our change log. · Last reviewed 9 Oct 2026 · Next review due 9 Jan 2027

Closed (new applications)Home Affairs still processes applications made before 31 July 2024 (BIIP closure and refunds).

Key figures

Item	Figure	Source
Closing date	Applications had to be made before 31 July 2024	Migration Regulations 1994, Sch 1 item 1202B(6A)
Minimum investment (closed stream)	AUD 5 million in complying significant investments	Home Affairs, subclass 188
Time in Australia for the 888 visa	40 days a year, or 180 a year for a partner	Home Affairs, subclass 888
Permanent places for all Business Innovation and Investment visas, 2026–27	20	Planning levels

How did it close?

The Government announced the closure of the Business Innovation and Investment Program (BIIP) with the 2024–25 Budget on 14 May 2024 (media release). The closing regulations (F2024L00900) were made on 18 July 2024 and commenced on 19 July 2024. They added one rule to the Business Innovation, Investor, Significant Investor and Entrepreneur streams: the application must be made before 31 July 2024.

The Register lists F2024L00900 as repealed on 5 November 2024 (Legislation Act 2003, s 48A), but its closing rule remains in the Migration Regulations.

What happens to pending applications and current holders?

Home Affairs processes applications made before 31 July 2024 "in line with the permanent Migration Program planning levels and skilled visa processing priorities". If you withdraw a Significant Investor application on or after 31 July 2024, you may get the visa application charge back, but not for an Extension stream application.

Holders keep three routes (explanatory statement):

a Significant Investor Extension visa, for a total stay of up to 9 years from the first grant;
visas for family members who join later;
the permanent 888 visa.

For the 888 visa you need a current state, territory or Austrade nomination that has not been withdrawn. You must also have held your complying investment for the whole period and held the 188 visa for 4 continuous years. If you applied for the 188 visa on or after 1 July 2015, you must apply within 3 months after the fourth anniversary of its grant.

What replaced it?

No investor visa. The Government paired the closure with a new National Innovation visa (subclass 858). It is for people with "an internationally recognised record of exceptional and outstanding achievement", and you must be invited to apply (Home Affairs).

What to look at instead

National Innovation visa, if your case rests on achievement rather than capital.
New Zealand's Active Investor Plus Visa, for residence by investment: NZD 5 million held 3 years (Growth) or NZD 10 million held 5 years (Balanced).

FAQ

Can I still apply for the Significant Investor visa?

Home Affairs says the program "closed permanently to new applications on 31 July 2024".

I hold a Significant Investor visa. Can I still get permanent residence?

Yes, through the 888 Significant Investor stream, if you meet its nomination, investment and residence rules.

General information on the law as at 9 October 2026, not advice on your circumstances.

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