Investment Immigration Updates

Closure of 188 Visa Applications

On August 29, 2024, the Australian Department of Home Affairs issued a notification to all investment immigration applicants, detailing changes to the Business Innovation and Investment Program (BIIP):

1. On May 14, 2024, Australia announced the permanent closure of the 188 visa category starting July 2024, and new 188 visa applications are no longer accepted.

2. Applications already submitted for the 188 visa but not yet granted will not be affected by the closure. The Department will process these applications based on annual quotas.

3. Current 188 visa holders can continue to apply for the 888 permanent residency visa.

4. Applications for the 888 visa already submitted will also remain unaffected.

Refunds for 188 Visa Applications

As of July 31, 2024, new 188 visa applications are no longer accepted. Applicants who withdraw their investment visa applications on or after this date are eligible for a refund of the visa application fee.

Who Is Eligible for a Refund?

1. Applicants who withdrew their 188 or 132 visa applications on or after July 31, 2024.

2. This applies to categories 188A, 188B, 188C, and 188E.

3. Refunds are not available for 188A extensions or 188C extensions.

Processing Time for Refunds

The Department has not provided an estimated processing time for refunds. Applicants who submitted withdrawal requests while in Australia should be mindful of their bridging visa duration, which may involve a transitional period of 28 or 35 days.