• Are you a holder of 188B visa?
• Was your visa granted before 1 July 2019?
• Have you lived in Australia for 2 years?
• Have you held your designated investment of $1.5 million in government bond for 2 years?
If you answer yes to all the questions above, then you can apply for 888B permanent visa early and get your $1,500,000 back provided that you also meet State requirements for 888B nomination.
On 18 September 2020, the Australian Government announced changes to the 888 legislation, providing COVID-19 concessions to 188B and 188A visa holders who have been affected by the pandemic.
The Australian Government introduced the concept of a Covid-19 Concession Period, i.e. a period whereby the Concessions for 188B and 188A visa holder can be obtained.
• – The start of the Covid-19 Concession Period is 1 February 2020.
• – The end of the Covid-19 Concession Period will be announced by the Department of Home Affairs on their website.
• – Currently, the Covid-19 Concession Period is OPEN.
188B visa holders can apply for 888B visa earlier than 4 years AND get their $1,500,000 Designated Investment back IF they meet all the following conditions:
1. You are the holder of a 188B visa granted on or before 30 June 2019
2. You have lived in Australia for 2 years in the last 4 years
3. You were physically resident in Australia for 2 years before you first made a withdrawal from your designated investment
4. You have obtained State Nomination for the 888B visa
5. You have withdrawn your designated investment during the Covid-19 Concession Period
6. You have not withdrawn any of your designated investment outside a Covid-19 Concession Period
To clarify, you are only permitted to apply for the 888B visa under two (2) scenarios:
• Scenario 1: You have spent 2 years in the last 4 years in Australia and held the Designated Investment for 4 years; OR
• Scenario 2: You have spent 2 years in Australia, held your designated investment for at least 2 years and made an early withdrawal of the Designated Investment DURING a Covid-19 Concession Period
IMPORTANT NOTICE: The Australian Government can end the Covid-19 Concession Period whenever it likes and without notice. If you are seeking to apply for 888B under Scenario 2 then you must act quickly before the Covid-19 Concession Period ends.
JADE’s Immigration Legal Experts can assist you with all your 888B visa application requirements.
You can switch migration agent very easily. We do not need any of your previous information that your migration agent for the 188B phase holds. We only need your 188B Visa Grant Notice. We can help you will negotiations with State Government and with the Designated Investment provider.
Please see image below of one of Australia’s first successful 188B-888B early withdrawal clients. This client has been nominated by the State Government 1 year before his visa expires. He has lived in Australia for 2 years.