BIIP CLOSED July 31 2024 (no new 188A/B/C applications). Replaced by National Innovation Visa Subclass 858 (invitation-only, NO fixed investment threshold, exceptionally talented only, priority sectors, nominator required). Strategic shift from passive capital to active talent.
Australia's Business Innovation and Investment Programme (BIIP) - Subclass 188/888 visas - PERMANENTLY CLOSED to new applicants effective July 31, 2024.
What This Means:
Points test, state nomination process, investment thresholds ($1.5M-$5M) listed in old materials NO LONGER RELEVANT for new applicants.
Existing 188 Visa Holders: If you already hold a 188 provisional visa (granted before July 31 2024), you can still apply for Subclass 888 permanent visa or extensions as per original program rules. This closure affects NEW APPLICANTS only.
Strategic shift from passive capital to active talent
Australian government conducted comprehensive review of BIIP (Business Innovation and Investment Programme) running since 1990s and concluded that passive investor pathways contributed less to economy long-term than skilled migration. Key findings: (1) Many BIIP investors (particularly 188C $5M Significant Investor stream) made passive investments (government bonds, managed funds) with minimal active business engagement or job creation in Australia, (2) Return on investment to Australian economy lower than skilled migrants who actively worked, paid taxes, integrated into labor market, (3) Wealthy individuals buying permanent residency through capital alone without bringing exceptional skills, innovation, or entrepreneurship that benefit Australia nationally.
Government determined that Australia's immigration priorities should shift to attract exceptionally talented individuals who will actively contribute through innovation, entrepreneurship, job creation, and advancement of priority sectors (green energy, agtech, defense technology, space, health/biotech) rather than passive capital deployment. This aligns with global trend: countries increasingly prioritizing talent over capital in immigration policy. Similar shifts seen in UK (closed Tier 1 Investor visa 2022), EU countries tightening Golden Visa requirements.
Result: BIIP closure July 31, 2024 and replacement with National Innovation Visa (NIV) Subclass 858. New system: NO fixed investment threshold, NO points-based application, invitation-only based on exceptional talent/achievement in priority sectors. Fundamentally different model - cannot "buy" Australian permanent residency anymore. Must demonstrate internationally recognized record of exceptional achievement + provide substantial benefit to Australia. This represents END of "pay to stay" model for Australia investor immigration.
Australia's new talent-focused permanent residency pathway (2024/2025)
National Innovation Visa (NIV) Subclass 858 launched late 2024/early 2025 replacing BIIP. Targets exceptionally talented individuals with internationally recognized achievements in priority sectors. NO FIXED INVESTMENT THRESHOLD (unlike old BIIP $1.5M-$5M). INVITATION-ONLY - cannot simply apply, must submit Expression of Interest (EOI) and be invited by Australian government. MUST HAVE NOMINATOR - Australian organization or citizen with national reputation in your field who attests to your prominence and contributions. PRIORITY SECTORS: Green Energy, AgTech (agricultural technology), Defense Technology, Space, Health/Biotech, Advanced Manufacturing, Quantum Computing, AI/Machine Learning, Cybersecurity. HIGH BAR: Merely having wealth insufficient - must prove you will be "asset to Australian community" through exceptional skills, innovation, entrepreneurship. DIRECT PERMANENT RESIDENCY - no provisional visa stage (vs old BIIP 4-5 year provisional 188 → permanent 888). Designed to be faster but MUCH MORE SELECTIVE than old system. This is fundamental shift: Australia prioritizing active contributors over passive capital.
1. EXCEPTIONAL TALENT/ACHIEVEMENT (CORE REQUIREMENT):
2. PRIORITY SECTOR ALIGNMENT:
3. NOMINATOR REQUIREMENT (CRITICAL):
4. EXPRESSION OF INTEREST (EOI) PROCESS:
5. NO FIXED INVESTMENT THRESHOLD:
6. DIRECT PERMANENT RESIDENCY:
National Innovation Visa is FUNDAMENTALLY DIFFERENT from old BIIP "pay to stay" model.
Key Differences vs Old BIIP:
Who Will Struggle with NIV:
Who MIGHT Qualify for NIV:
Bottom Line: If your Australia strategy was "invest $5M, get PR" - that model is OVER. New NIV requires genuine exceptional talent. For most high-net-worth individuals seeking residency by investment, Australia is NO LONGER viable option under NIV framework. Alternative programs: Canada investor programs (some provincial), USA EB-5 (still available), UK programs, EU Golden Visas (Portugal, Greece, Spain, Malta). Consult migration agent to assess NIV eligibility realistically before proceeding.
If you don't qualify for NIV Subclass 858 but want Australian permanent residency, consider alternative skilled migration pathways:
1. Skilled Independent Visa (Subclass 189):
2. Employer Sponsored Visas (Subclass 186/482):
3. Global Talent Visa (Subclass 858 - Different Stream):
4. State Nominated Visas (Subclass 190/491):
Note: All alternative pathways require SKILLS/OCCUPATION fit, NOT passive capital investment. Australia's immigration system post-BIIP closure prioritizes skilled workers and exceptional talent. For pure "investment for residency" seekers, Australia is NO LONGER option - consider Canada provincial investor programs, USA EB-5, EU Golden Visas, Caribbean CBI instead.
CIVITAS partners with registered Australian migration agents to assess National Innovation Visa eligibility and explore alternative skilled migration pathways. Australia's "investment for residency" model closed July 31, 2024 - new focus on exceptional talent in priority sectors.