The Victorian Government has a number of priority sectors into which they want to encourage investment from SIV and other investors, they are:
1. Construction technologies
2. Creative industries
3. Defense technologies
4. Digital technologies
5. Food and fibre
6. International education
7. Medical technologies and pharmaceuticals
8. New energy
9. Professional services
10. Retail, transport distribution, logistics and postal
11. Transport technologies
12. Visitor economy
Victorian Nomination Criteria for the 888 Permanent Visa:
- State nomination is required in order for an applicant to apply for an 888 permanent visa.
- DIBP will be responsible for assessing whether an investment was complying or during the temporary visa period. In addition they have the following requirements for investors wishing to apply for permanent residency:
1. Investors must have held a complying investment and visa for 4 years (or 3 years and 11 months for pre-July 2015 applicants)
2. Investors must have spent 40 days a year on average in Australia (or 180 days a year for the spouse)
3. Other requirements such as health and character checks
1. Investor must have maintained complying investments of economic benefit to Victoria
2. Investors must have established a residence in Victoria and spent a majority of their Australian
residence in Victoria
3. Investors must have a genuine commitment to remain in Victoria and undertake business
- Victorian sponsorship to apply for an 888 visa only lasts for 3 months so investors should not apply until they are ready or close to ready to meet the DIBP’s requirements and apply for their 888.
- Applications for the permanent visa will be given priority processing and should be granted within 1 week assuming all documentation is provided.
How to Apply?
Extension Nomination (Temporary 188c Extension):
To be considered for Victorian extension nomination:
- You must hold a subclass 188 visa in the Significant Investor or Significant Investor Extension
- If you hold a subclass 188 visa in the Significant Investor stream, it must have been held for at least 2
years and 9 months (from date of visa grant)
- You must have maintained complying investments for the duration of your provisional visa
- You must demonstrate you are likely to meet the Victorian nomination criteria for the permanent
subclass 888 visa in the future.