Australia Significant Investor Visa: Closed in 2024 and What Replaced It

Notice (updated 2026): The Significant Investor visa is closed. The Business Innovation and Investment Program (subclass 188), including the Significant Investor stream, closed to new applicants in July 2024. The National Innovation visa (subclass 858) replaced the Global Talent visa from 7 December 2024. It is invitation only and permanent.

The Australia Significant Investor visa is no longer available to new applicants. The Department of Home Affairs closed the Business Innovation and Investment Program (subclass 188), including the Significant Investor stream, to new applicants in July 2024.

What happened to the Significant Investor visa?

For over a decade the Significant Investor stream of the subclass 188 visa let wealthy investors gain provisional residence in Australia by holding AUD 5 million in complying investments. It formed part of the Business Innovation and Investment Program (BIIP).

In July 2024 the whole BIIP, including the Significant Investor stream, closed to new applicants. There is no longer a passive investment visa to Australia.

What is the National Innovation visa?

The National Innovation visa (subclass 858) replaced the Global Talent visa from 7 December 2024. Its key features are:

• It is invitation only. You cannot simply lodge an application; you must first be invited.
• It is a permanent visa.
• It targets people with an internationally recognised record of exceptional achievement.

The National Innovation visa is not a like-for-like replacement for the Significant Investor visa. It does not offer residence in exchange for a set investment amount. For its current criteria, check the Department of Home Affairs website.

Old and current visas compared

What about existing subclass 188 holders?

The closure applies to new applicants. People who already hold a provisional subclass 188 visa should follow the Department of Home Affairs guidance for their visa, including any path to the permanent subclass 888 visa. They should also keep meeting their visa conditions. Speak to a registered migration agent about your own case.

What are the alternatives?

Investors who wanted the Significant Investor visa can consider:

• The National Innovation visa, if they have an exceptional record in their field and receive an invitation.
• Skilled and employer-sponsored visas, which our complete guide to moving to Australia explains.
• Investor programmes in other countries, such as the New Zealand Active Investor Plus visa.

For the wider context, read our full what is a golden visa? every active programme compared (2026).

Frequently asked questions

Can I still apply for the Significant Investor visa?

No. The Business Innovation and Investment Program (subclass 188), including the Significant Investor stream, closed to new applicants in July 2024. There is currently no Australian visa that grants residence in return for a passive investment.

What replaced the Global Talent visa?

The National Innovation visa (subclass 858) replaced the Global Talent visa from 7 December 2024. It is a permanent visa and you can only apply after receiving an invitation. Check the Department of Home Affairs website for the current criteria.

Is the National Innovation visa an investor visa?

No. It is aimed at people with an exceptional record of achievement. It does not grant residence in return for a fixed investment. Anyone who wants a visa based purely on investment will need to look at other countries.

I hold a subclass 188 visa. Am I affected?

The closure affects new applicants. Existing holders should check the Department of Home Affairs guidance for their visa and keep meeting their conditions. A registered migration agent can advise on your route to permanent residence.

What is the best alternative for investors?

It depends on your goals. Skilled or employer-sponsored visas may suit people who plan to work in Australia. Investors seeking a residence by investment programme may consider New Zealand or other countries covered in our guides.

Sources

• Department of Home Affairs (immi.homeaffairs.gov.au), Business Innovation and Investment Program closure
• Department of Home Affairs (immi.homeaffairs.gov.au), National Innovation visa (subclass 858)

Disclaimer: This article does not constitute legal or tax advice. Always consult a registered migration agent or an Australian legal practitioner before making financial commitments.