If you’re not planning on working in Australia but still want to live there, there are several options for getting residency or citizenship that don’t involve being sponsored by an employer or family member. One of the options you have is applying for an Investor Visa 891 Australia. However, before you jump into this option, it’s important to understand everything about it, so you know whether or not this is the right path for you to take and if you’re going to be eligible.
What is an Investor Visa 891 Australia?
An Investor visa subclass 891 is a type of visa that the Australian government may grant to foreign nationals who want to invest in the country. The investor visa is good for four years and can be renewed as long as the individual continues investing in Australia. There are three main categories of this type of visa: New Business, Significant Investment, and Premium Investment.
- New business investors will need at least AUD$200,000 or more invested into new Australian businesses that create employment opportunities.
- Significant investment investors will need AUD$1 million or more invested into an approved development project which will employ 10 people or more full-time.
- Premium investment investors must invest AUD$15 million or more in an approved development project which creates employment opportunities for 20 people or more full-time.
The Basic Requirements of Investor Visa 891
- The applicant must be a citizen of a country other than Australia or New Zealand. They must not be an Australian citizen.
- They must have obtained more than AUD 1,000,000 in their business, created at least 10 full-time jobs for Australians, or generated at least AUD $250,000 in export sales.
Suppose the investor has established themselves as an entrepreneur who has met all the criteria above. In that case, they are eligible to apply for this visa which will provide them with permanent residency status.
The Application Process of Visa Application
- Fill in the application form.
- Submit the application form and supporting documents. For this, take help from a registered migration agent for Australia in India.
- Wait for the Department of Home Affairs to process your application.
- Provide additional information if necessary.
- Receive a Notice of Decision letter.
- If your visa gets approved, you can apply for an ETA to fly into Australia.
The Conditions of the Visa Application
- The investor must have at least AUD$ 5 million to invest in Australia.
- The investment must be made in a complying investment and be maintained for at least four years.
- The investor must reside in Australia for at least 183 days per year.
- The company the investment is being made into, or one of its subsidiaries, has a turnover of less than AUD$ 50 million per year.
- The applicant will not take up employment in Australia.
- There is no requirement that the applicant’s spouse works full-time in Australia.
The Benefits of Investor Visa 891
- The Investor Visa 891 is a permanent visa and is available for applicants with a net worth of at least AUD$1.5 million or AUD$750,000 in personal assets.
- Applicants who invest AUD$ 3,000,000 into a complying investment can apply for permanent residency after residing in Australia for four years.
- Applicants may be granted an eight-year temporary stay on arrival if they invest at least AUD$5 million into a complying investment.