Premium Investor stream

• stay in Australia permanently
• work and study in Australia
• attend free English language classes through the Adult Migrant English Program, if eligible
• enrol in Australia's public health care scheme, Medicare
• sponsor your relatives to come to Australia
• travel to and from Australia for 5 years
• if eligible, become an Australian citizen.

Newly arrived residents may need to wait before they can access certain Australian Government payments and benefits.

This is a permanent visa. It lets you stay in Australia permanently.

For citizenship purposes, your permanent residency starts on the day:

• we grant the visa if you are in Australia
• you first enter Australia on this visa if you are outside Australia when the visa is granted

You can include members of the family unit in your application when you apply. You can also add members of the family unit to your application at any time before we decide on your application.

Family members who apply for the visa must meet our health and character requirements.

Family members who are not coming to Australia might also have to meet our health and character requirements.

From AUD4,375.00 for the main applicant (concessions apply in limited circumstances).

There is also a charge for each family member who applies for the visa with you.

You might have to pay an extra charge for any applicant 18 years old or older who has less than functional English. This charge is the second instalment charge. Pay it only when we ask you to. We ask for the charge only if we are going to grant the visa.

The second instalment charge is AUD4,890.

You only need to pay it for family members who did not pay the second instalment charge for their Business Innovation and Investment (Provisional) visa.

To work out what your visa will cost use the Visa Pricing Estimator. The estimator does not take into account the second instalment or other costs. You might also have to pay other costs for health checks, police certificates and biometrics.

Cost concession for eligible Pacific Island and Timor-Leste visa applicants

From 1 July 2026, a lower visa cost applies to eligible Pacific Island and Timor-Leste citizens who lodge a valid visa application.

We will charge eligible applicants the lower visa application cost during the application process in ImmiAccount. We will recognise eligible applicants by the valid passport from the specified countries used in the application when they apply.

Family members are also eligible for the lower visa cost. We base this on the passport of the primary applicant (or visa holder who satisfies the primary visa criteria).

The primary applicant must hold a valid passport issued by one of the following countries:

• Federated States of Micronesia
• Fiji
• Kiribati
• Nauru
• Palau
• Papua New Guinea
• Republic of the Marshall Islands
• Samoa
• Solomon Islands
• Timor-Leste
• Tonga
• Tuvalu
• Vanuatu

You can be in or outside Australia when you apply for the visa and when we decide on your application, but not in immigration clearance.

For an indication of processing times for this visa, use the visa processing time guide tool. This will show the processing times for recently decided applications. It is a guide only and not specific to your application.

Your application may take longer to process if:

• you do not complete the application correctly
• you do not include all the documents we need or we need more information from you
• it takes us time to verify your information

We cannot process your application if you do not pay the correct visa application charge. We will notify you if this is the case and if necessary return your application.

You and your family members must obey all Australian laws.

If you are outside Australia when we grant the visa:

• you and your family members must enter Australia by a certain date (we will tell you when this is)
• any family included in your application might not be able to marry or enter into a de facto relationship before they enter Australia (we will tell you if this is the case)

Travel to and from Australia for 5 years

You can travel to and from Australia as many times as you want for 5 years from the date we grant this visa. This is as long as the travel facility on this visa remains valid.

If you want to travel after the initial 5-year travel facility:

• you will need to apply for and be granted a Resident Return visa (RRV) so that you can re-enter Australia as a permanent resident
• you might also want to consider Australian citizenship. If you become an Australian citizen, you don't require a visa to enter Australia. You will need to apply for an Australian passport and use it to leave and re-enter Australia. See more about eligibility requirements and current processing times for Australian citizenship

If you leave Australia after the expiry date of your travel facility, without being granted another permanent visa with a valid travel facility, for example a RRV, you will not be able to return to Australia as a permanent resident.

To see when your travel facility ends, use VEVO.

Australian visas are digital.

We do not put a visa label in your passport. Instead, we link your digital visa record to your passport.

A primary applicant for the visa must be:

• the primary holder of a Business Innovation and Investment (Provisional) visa (subclass 188) in the Premium investor stream.
• the holder of a Business Innovation and Investment (Provisional) (subclass 188) visa granted on the basis that you were the spouse or de facto partner of a person who held a Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream, and you have ceased to be the spouse or de facto partner of that person or that person has died.

At the time you (the primary applicant) apply for the permanent visa, you must have held the Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream for a continuous period of at least 12 months. You must have held your provisional visa for at least 1 year.

Family members who apply for the visa with you do not need to hold a Business Innovation and Investment (Provisional) (subclass 188) visa.

You must have a current nomination from Austrade.

Before we invited you to apply for your provisional visa, you gave us an expression of interest. Austrade saw your expression of interest and nominated you. For this visa, Austrade needs to confirm that your nomination is still current.

When we granted your Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream, you invested AUD15 million in a 'complying premium investment'.

To be granted a Business Innovation and Investment (Permanent)(subclass 888) visa in the Premium Investor stream, you must have:

• held, at the time of application, a Business Innovation and Investment (Provisional) (subclass 188) visa in the Premium Investor stream for a continuous period of at least 12 months and
• held the complying premium investment (except any part of the investment that is a philanthropic contribution) for the whole time you have held your provisional visa.

Our investment rules state that your complying premium investment of AUD15 million had to be in any of these options:

• Australian securities exchange listed assets
• Australian government or semi-government bonds or notes
• corporate bonds or notes issued by an Australian exchange listed entity (or wholly owned subsidiary of the Australian listed entity), investment grade rated Australian corporate bonds or notes rated by an AFS licenced debt rating agency
• Australian proprietary limited companies operated to make a profit by providing goods or services to the public, not as a passive or speculative investment, (such as a landlord of residential property, gambling, share trading, or holding property for capital gain)
• real property in Australia excluding residential property
• deferred annuities issued by Australian registered life companies
• state or territory government approved philanthropic contribution

To be an eligible fund, a further requirement is that cash is to be no more than 20% of a fund’s net assets and derivatives are to be used for risk management purposes only.

Premium investors may elect to make a portion or the entirety of their investment by way of a philanthropic donation (endorsed by a state or territory government.

You and your spouse or de facto partner must not have been involved in any business or investment activities that are unacceptable in Australia.

You must have a realistic commitment to continuing your business or investment activities in Australia.

You might have to pay an extra charge for any dependent applicant 18 years old or older who has less than functional English. If they can't show that they have at least functional English, they will need to pay the second instalment of the visa application charge when we ask you to.

They will not need to pay a second instalment if they have already paid a second instalment of the visa application charge in relation to an application for a Subclass 188 (Business Innovation and Investment (Provisional)) visa.

If you have operated a business in Australia, you and your partner must have followed:

• Commonwealth laws, and
• the laws of the states or territories where your business operated

This includes laws about taxation, superannuation and workplace relations.

You and any family members who apply for the visa with you must meet our health requirement.

Family members who are not coming to Australia might also have to meet our health requirement.

You and family members aged 16 years or over who apply for the visa with you must meet our character requirement.

We might also ask that other family members meet the requirement.

If you and your family members who have applied for the visa are 18 years of age or older at the time when the application is decided, you and your family members must:

• have read, or had explained to you, the Life in Australia book and
• sign an Australian Values Statement that confirms you will respect the Australian way of life and obey Australian laws

If you or any family members owe the Australian Government money, you or they must have paid it back or have an approved arrangement in place to pay it back.

We will consider your immigration history when we make a decision on your application, which means you might not be eligible for this visa if you have had a visa cancelled or refused.

In some circumstances you may still apply for a permanent visa if you have had a visa cancelled or an application refused see Limitations on applications in Australia.

If applying for a visa from outside Australia see Can I go to Australia.

If you want immigration assistance, see Who can help with your visa application.

Before you leave

Check your travel documents

You must have:

• a valid visa to enter Australia
• a valid passport or other travel document

At the border

Completing an Incoming Passenger Card

All people arriving Australia must complete the Incoming Passenger Card. You will be given this card onboard the aircraft.

Leaving the airport faster

We have an automated process that uses facial recognition technology and your ePassport. You might be able to leave the airport faster if you use SmartGate.

What you can do when you have this visa

• stay in Australia permanently
• work and study in Australia
• enrol in Australia's public health care scheme, Medicare
• sponsor your relatives to come to Australia
• travel to and from Australia for 5 years
• apply for Australian citizenship, if eligible

What you must do on this visa

You and your family members must meet all visa conditions and obey Australian laws.

We expect you to continue to undertake business and investment activities in Australia, following the intentions you outlined in your application.

Tell us if things change

Things you need to let us know about include:

• changes to your phone number, email, address or passport
• changes to your relationship status
• the birth of a child

See how to tell us if there is a change in your situation.

See how long you can stay

This is a permanent visa. It lets you stay in Australia permanently.

Travel to and from Australia for 5 years

You can travel to and from Australia as many times as you want for 5 years from the date we grant this visa. This is as long as the travel facility on this visa remains valid.

If you want to travel after the initial 5-year travel facility:

• you will need to apply for and be granted a Resident Return (RRV) so that you can re-enter Australia as a permanent resident
• you might also want to consider Australian citizenship. If you become an Australian citizen, you don't require a visa to enter Australia. You will need to apply for an Australian passport and use it to leave and re-enter Australia. See more about eligibility requirements and current processing times for Australian citizenship

To see when your travel facility ends, use VEVO.

Proving you have a visa

To prove you have a visa and show your conditions to someone, use VEVO.

You can request your international movement records by completing Form 1359 - Request for international movement records.

Bringing family

You can't add a family member to your application after we have granted the visa.

If a member of your family wants to join you later in Australia, they must apply for a separate visa that suits their situation. See their visa options.

Becoming an Australian citizen

After a certain time, you might be eligible for Australian citizenship. Find out more about becoming a citizen.

For citizenship purposes, your permanent residency starts on the day:

• we grant the visa, if you were in Australia
• you first entered Australia on this visa, if you were outside Australia when we granted it

Before you leave

Check your travel documents

You must have a valid passport or other travel document to leave Australia.

Ensure your visa is still valid.

Check your conditions and the expiry of your Resident Return visa in VEVO.

See what to do if your visa has expired or is about to expire.

At the border

Leaving the airport faster
We have an automated process that uses facial recognition technology and your ePassport. You might be able to leave the airport faster if you use SmartGate.

After you leave

Proving you have been to Australia

To prove you have been to Australia, request your international movement records by completing Form 1359 Request for international movement records.