The Significant Investor Visa (SIV) (188C) is part of the Business Innovation and Investment Program (BIIP) run by the Australian Government Department of Home Affairs and offers a pathway to permanent Australian residency.
The SIV is for entrepreneurial and high net worth individuals prepared to invest at least A$5 million in complying investments in areas of the Australian economy that will drive innovation and the commercialisation of Australian ideas. The investments must be held continuously for the life of an applicant’s provisional visa (typically 4 years).
SIV 1 (commenced 4 Nov 2012)
SIV Complying Investment Framework
- Infrastructure projects in Australia;
- Cash held by Australian deposit taking institutions (including negotiable certificates of deposit, bank bills and other cash-like instruments);
- Bonds issued by the Commonwealth Government or a State or Territory government;
- Bonds, equity, hybrids or other corporate debt in companies and trusts listed or expected to be listed within 12 months on an Australian Stock Exchange;
- Bonds or term deposits issued by Australian financial institutions;
- Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia
- Real property in Australia;
- Australian Agribusiness;
- Annuities issued by an Australian registered life company in accordance with section 9 or 12A of the Life Insurance Act 1995;
- Derivatives used for portfolio management and non-speculative purposes which constitute no more than 20 per cent of the total value of the managed fund;
SIV Program Required Investments

Visa applicants may hold investments in each of the above investment options in any proportion and may also change between complying investments, provided they meet specified reinvestment requirements. As the holder of a Significant Investor visa, you may switch between complying investments as long as the sum withdrawn corresponds with the sum reinvested.
An ASIC regulated managed fund for the purpose of the Significant Investor visa is a managed investment scheme defined in the Corporations Act 2001 and regulated by the Australian Securities and Investment Commission. Any interests issued in the fund must not be able to be traded on a financial market and must be covered by an Australian Financial Services Licence. Investments in ASIC regulated managed funds include any investments made through an Investor Directed Portfolio Service.
MFM Complying Investment Funds:
- MFM Balancing Investments Fund
- MFM Balancing Investments Yield Fund
- Mulpha Real Estate Debt Fund
SIV 2 (commenced 1 July 2015)
SIV Complying Investment Framework
- Investments must be provided by an Australian Financial Services (AFS) licensed manager(s) domiciled in Australia.
- Fund managers must be independent of the applicant and their spouse.
- Investments are permitted through a ‘Fund of Fund’ (FoF) or an Investor Directed Portfolio Service (IDPS) into complying managed fund(s) only.
- Applicant monies may be held in cash for up to 30 days in a FoF or IDPS at the time of first investment by the applicant and during any switching period.
- Complying Investments comprise mandatory investments in VCPE, Emerging Companies, and Balancing Investing.
- Investments in VCPE and Emerging Companies may be for higher amounts than the mandated minimums and up to the full amount of Balancing Investment (the balancing investment quanta) if desired.
SIV Program Required Investments

Reference: Austrade September 2016.
SIV 3 (commenced 1 July 2021)
CURRENT SIV COMPLYING INVESTMENT FRAMEWORK (CIF)
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- The Significant Investor Visa (SIV) (188c), which is part of the Business Innovation and Investment Program (BIIP) run by the Australian Government Department of Home Affairs, offers a pathway to permanent Australian residency.
- The Australian government has made changes to the Significant Investor Visa (“SIV”) regime that have expanded the visa streams that will be required to maintain complying investments, reduced the investment period and adjusted investment allocations away from balancing investments towards venture capital and growth private equity investments. The changes took effect on 1 July 2021.
- The complying investment framework now extends beyond SIV to the Investor Visa (“IV”) (188b). IV holders will be required to maintain an investment of $2.5 million in complying investments. In comparison, the investment requirement of SIV holders will remain at $5 million.
- For applicant after 1 July 2021, the venture capital and private equity component has increased from 10% to 20% of the investment amount. The investment allocation for emerging companies remains at 30%, while the balancing investments allocation has reduced from 60% to 50%.
- New SIV holders will be eligible to apply for permanent resident if they meet the qualification requirement after three years at the quickest. The SIV visa will now be valid for 5 years.
SIV Program Required Investments

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- From FY 21-22, a copy of the annual audit report will need to be provided to IV and SIV holders to attach to their visa application.
- Under emerging Companies component, a small exchange trade fund which invests in the securities of large cap companies is not permitted.
- Investments must be provided by an Australian Financial Services (AFS) licensed manager(s) domiciled in Australia.
- Investments are permitted through a ‘Fund-of-Fund’ (FoF) or an Investor Directed Portfolio Service (IDPS) into complying managed fund(s) only.
- Complying Investments comprise mandatory investments in Venture Capital / Private Equity, Emerging Companies and “Balancing Investments”.
- Investments in Venture Capital and Emerging Companies may be for higher amounts than the mandated minimums and up to the full amount of the
balancing investment quanta if desired.
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The Three Main Elements of the SIV
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