Permanent residency visas are available to Investors and Significant Investors under subclass 888.
The requirements to be met for the granting of permanent residency will depend on the stream under which the provisional subclass 188 visa was granted.
Investor Stream
Permanent visa applicants must:
- Have been in Australia and held the subclass 188 provisional visa for at least two of the four years immediately before the application is lodged with the Department of Immigration.
- Have held a Designated Investment with an Australian State or Territory for at least four years.
- Have a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to their business.
- Not have been involved in unacceptable business or investment activities.
- Have a strong commitment to continue their business and investment activity in Australia.
Significant Investor Stream
Permanent visa applicants must:
- Have been in Australia for a minimum period of time while holding a subclass 188 visa, as follows:
- Significant Investor stream – 160 days in the past four years
- Significant Investor Extension stream – 240 days in the past six years
- Two provisional visas in the Significant Investor Extension stream – 320 days in the past eight years.
- Have held Complying Investments as defined in the subclass 188 visa, continuously for the life of your provisional visa.
- Have a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to their business
- Not have been involved in unacceptable business or investment activities.
- Have a strong commitment to continue their business and investment activity in Australia.
There are significant tax consequences of moving from a provisional visa to a permanent residency visa which all intending permanent visa applicants should be aware of when considering their visa strategy, as discussed here.
GM Investors works with our clients on the basis of fixed fees, and a wish to have a long term relationship based on our expertise, trust and a quality service.
We look forward to hearing from you.