The State or Territory Sponsored Investor visa (subclass 893) is a permanent residency visa that allows investors and their families to live in Australia. To be eligible for this visa, applicants need sponsorship from an Australian state or territory government. This visa is designed for individuals who have made a designated investment in a participating state or territory of Australia.
- Designated Investment: Make a designated investment in an Australian state or territory and maintain the investment for at least four years.
- Sponsorship: Obtain sponsorship from an Australian state or territory government.
- Age: Be under the age of 55 at the time of application, unless exceptional circumstances apply.
- Health and Character: Meet health and character requirements, including medical examinations and police clearance certificates.
- Net Assets: Have net assets of at least AUD 2.25 million if applying under the Investor stream or AUD 5 million if applying under the Significant Investor stream.
- State or Territory Sponsorship: Obtain sponsorship from an Australian state or territory government. Each state or territory may have different requirements and application processes for sponsorship.
- Designated Investment: Make the designated investment in the specified sector(s) within the sponsoring state or territory.
- Lodge Expression of Interest (EOI): Lodge an EOI through the SkillSelect system, indicating the intention to apply for the subclass 893 visa.
- Invitation: If selected, receive an invitation to apply for the visa from the Department of Home Affairs.
- Lodge Visa Application: Complete the online application, attaching all necessary documents and paying the application fee.
- Health and Character Checks: Undergo medical examinations and provide police clearance certificates.
- Visa Grant: If the application is approved, the subclass 893 visa will be granted, allowing permanent residency in Australia.
- Permanent Residency: The subclass 893 visa provides holders and their families with permanent residency status in Australia, allowing them to live, work, and study in the country indefinitely.
- Sponsorship from a State or Territory: The visa requires sponsorship from an Australian state or territory government, which often provides additional support and assistance to newcomers, helping them integrate into the local community.
- Access to High-Quality Education: Visa holders have access to Australia’s world-class education system, including public schools and universities, with certain benefits and fee structures applicable to permanent residents.
- Universal Healthcare: Permanent residents in Australia are eligible for Medicare, the country’s public healthcare system, which provides subsidized or free medical services and prescriptions, ensuring health and well-being for the visa holder and their family.
- Opportunities for Employment: As permanent residents, visa holders can work in any occupation and change employers without needing additional sponsorship. They are entitled to the same workplace rights and protections as Australian citizens.
- Pathway to Citizenship: After holding the subclass 893 visa for a specific period (usually after four years), applicants become eligible to apply for Australian citizenship, provided they meet the necessary criteria, including residency requirements and good character.
- Family Reunification: The visa allows the inclusion of immediate family members, such as a spouse/partner and dependent children, allowing families to stay together in Australia.
- Social Security Benefits: Permanent residents may be eligible for social security benefits, subject to certain conditions and waiting periods, offering financial support if needed.
- Freedom to Travel: Visa holders have the freedom to travel in and out of Australia without any restrictions. However, they need to ensure compliance with visa conditions to maintain their residency status.
- Cultural Diversity: Australia’s multicultural society ensures a rich and diverse cultural experience, offering opportunities to engage with various communities and traditions.
Frequently Asked Questions (FAQs):
- Can I change my sponsoring state or territory after the visa is granted? No, the visa is granted based on the specific state or territory sponsorship. Changing the sponsoring state or territory after the visa is granted is not permitted.
- Is there a minimum stay requirement in the sponsoring state or territory? Some states or territories may have specific residency requirements. It’s important to check with the respective state or territory government for their specific conditions.
- Can family members be included in the application? Yes, applicants can include their spouse/partner and dependent children in the application.
- Can I apply for Australian citizenship after obtaining the subclass 893 visa? Yes, after holding the subclass 893 visa for a specific period and meeting other eligibility criteria, applicants can apply for Australian citizenship.
- What are the consequences if I do not maintain the designated investment for the required period? Failure to maintain the designated investment for the specified period may result in visa cancellation or other consequences as per Australian immigration laws.