Faster access to PR for 188B visa holders

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Introduction

On 18 September 2020, the Australian Government changed the 888-B visa legislation. The changes only apply if your 188-B visa was granted before 1 July 2019. If you meet the conditions of the new 888-B legislation, then you can apply for the 888-B visa earlier than 4 years.  

Gratitude to the Hon Alan Tudge, Acting Minister for Immigration

JADE, CBD-Club, Xom Dong and Vietnamese Family Network would like to express our sincere thanks and gratitude for making changes for the benefit of 188-B visa holders. 

We believe the already excellent Business Innovation and Investment Program in Australia can be further modified and enhanced to support the challenge of rebuilding the Australian economy.

What are the benefits for 188-B visa holders?

If the new 888-B legislation applies to you, then:

  1. 1. You can return to your home country (or stay there if already in your home country) and still be able to meet the 2-Year Australian Residence requirement (conditions apply)
  2. 2. You can withdraw your $1.5m investment in Government Bonds much earlier (conditions apply, including a deadline to withdraw the funds); and
  3. 3. You will be granted Permanent Residence in Australia much earlier, and therefore access:
    a. Australia’s Medicare program much earlier; and
    b. Not have to pay surcharge stamp duty on residential property investments.

How to apply for the 888-B visa?

To apply for the 888-B visa, the 188-B visa holder must obtain “State Nomination” from the Australian State that nominated them for the 188-B visa. 

Each State Government has its own policies in respect of how much “Additional” capital must have already been invested into the State, i.e. “Additional Investment” is in addition to the mandatory $1.5m investment into the State’s Treasury Government Bond.  

In JADE’s September 2020 Survey of Vietnamese 188-888 visa holders living in Australia, amongst 188-B visa holders, the average investment was:

  •  73% had invested approximately $250,000 in Managed Funds
  •  73% had invested approximately $200,000 directly in ASX-Listed Shares

In addition, amongst all 188-888 visa holder respondents:

  •  44% had invested approximately $700,000 on a residential investment property (in addition to their main home)
  •  24% had invested approximately $600,000 on a commercial property

Are you eligible to apply for the 888-B earlier than 4 years?

188-B visa holders need to ask themselves two questions:

  1. 1. Do I meet Australia’s NEW Residence Test for the purpose of 888-B legislation?
  2. 2. Have I made sufficient Additional Investments per State Nomination Requirements?

If the answer is “Yes” to both above questions, then the 188-B visa holder may be eligible to apply for the 888-B visa.  

Is there a deadline to take advantage of these changes to the 888-B legislation?

These benefits may only be available for a limited period.

The legislation has introduced a new concept and definition of a “concession period”. 

The “concessions” for 188-B include:

  1. 1. Concession #1: 2-Year residence requirement
  2. 2. Concession #2: Withdrawing $1.5m from Government bonds earlier than 4 years

The start date of the “Initial (i.e. first) concession period” is defined in legislation – it is the 1 February 2020.

However, the “Initial concession period” has no end date. 

There is no guarantee the Australian Government will declare a second “concession period”.

Therefore, these valuable “concessions” may only be available during the Initial concession period.

OFFER: Free consultation to 188-B visa holders

If you are a 188-B visa holder granted before 1 July 2019 then please contact Michael Cradock (+61 488 073 175) and My Linh Pham (+61 421 522 273) for a free consultation. 

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